- The small business recovery fund is hereby created in the state treasury. The fund consists of:
- Tax credit sale proceeds received from qualified taxpayers and deposited in the fund pursuant to section 24-36-205;
- Distributions, revenue, or money returned to the state from a loan program established pursuant to section 24-36-205 and deposited in the fund; and
- Any other money that the general assembly may appropriate or transfer to the fund.
- The state treasurer shall credit all interest and income derived from the deposit and investment of money in the small business recovery fund to the fund.
- Money in the fund is continuously appropriated to the department for the purposes specified in this part 2. The department may expend money in the fund to pay for its direct and indirect costs in implementing and administering this part 2.
- Beginning in fiscal year 2025-26, the state treasurer shall credit any unexpended and unencumbered money remaining in the fund at the end of a fiscal year to the general fund.
- The state treasurer shall transfer all unexpended and unencumbered money in the fund at the end of the fiscal year on June 30, 2029, to the general fund.
- This section is repealed, effective July 1, 2029.
Source: L. 2020: Entire part added, (HB 20-1413), ch. 121, p. 517, § 1, effective June 23.