58.1-439.15 - Technology Initiative in Tobacco-Dependent Localities Fund. - Virginia Statutes

§ 58.1-439.15. Technology Initiative in Tobacco-Dependent Localities Fund.

There is hereby created in the Department of the Treasury a special fund thatshall be known as the Technology Initiative in Tobacco-Dependent LocalitiesFund (the Fund). The Fund shall be composed of those moneys deposited fromthe Tobacco Indemnification and Community Revitalization Fund as provided in§ 3.2-3106. The Department of the Treasury shall administer and manage theFund. Moneys in the Fund shall be made available to reimburse the generalfund for providing tax credits under this article, including redeeming taxcredits pursuant to § 58.1-439.14, and shall be used to reimburse the generalfund for the administrative costs incurred by the Department of Taxation inimplementing the provisions of this article. Interest earned on moneys in theFund shall remain in the Fund and be credited to it. Any moneys remaining inthe Fund, including interest thereon, at the end of each fiscal year shallnot revert to the general fund but shall remain in the Fund. After alleligible tax credits have been claimed through all taxable years beginningbefore January 1, 2010, any moneys left in the Fund shall revert to theTobacco Indemnification and Community Revitalization Fund.

(2000, c. 1042.)