Mississippi Legislature

1997 Regular Session

House Bill 899

[Introduced] [Passed House] [Sent to Governor]

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History of Actions

Background

Title

Description: Mississippi Business Finance Corporation; extend repealer on authority to issue bonds to finance economic development projects (DECD).

History of Actions:

101/09/97(H)Referred To Ways and Means
201/22/97(H)Title Suff Do Pass
301/30/97(H)Passed
401/31/97(H)Transmitted To Senate
502/03/97(S)Referred To Finance
603/04/97(S)Title Suff Do Pass As Amended
703/10/97(S)Amended
803/10/97(S)Passed As Amended
903/12/97(S)Returned For Concurrence
1003/20/97(H)Decline to Concur/Invite Conf
1103/21/97(H)Conferees Named Williams,Horne,Simpson
1203/26/97(S)Conferees Named Bryan,Smith,Jordan (24th)
1303/31/97(H)Conference Report Adopted
1404/02/97(S)Conference Report Adopted
1504/04/97(H)Enrolled Bill Signed
1604/05/97(S)Enrolled Bill Signed
1704/07/97Due From Governor 04/24/97
1804/24/97Approved by Governor

Background Information:

Effective dateJuly 1, 1997
DispositionLaw
DeadlineGeneral Bill/Constitutional Amendment
RevenueNo
3/5ths vote requiredYes
Chapter number576

House Committee:

Senate Committee:

Principal Author: Williams

Code Sections: R 057-0010-0401, R 057-0010-0403, R 057-0010-0405, R 057-0010-0407, A 057-0010-0409, R 057-0010-0411, A 057-0010-0413, R 057-0010-0415, R 057-0010-0417, R 057-0010-0419, R 057-0010-0421, R 057-0010-0423, R 057-0010-0425, R 057-0010-0427, R 057-0010-0429, R 057-0010-0431, R 057-0010-0433, R 057-0010-0435, R 057-0010-0437, R 057-0010-0439, R 057-0010-0441, R 057-0010-0443, R 057-0010-0445, A 027-0007-0022.3, A 057-0010-0449

Title: AN ACT TO REENACT SECTIONS 57-10-401, 57-10-403, 57-10-405, 57-10-407, 57-10-411, 57-10-415, 57-10-417, 57-10-419, 57-10-421, 57-10-423, 57-10-425, 57-10-427, 57-10-429, 57-10-431, 57-10-433, 57-10-435, 57-10-437, 57-10-439, 57-10-441, 57-10-443 AND 57-10-445, MISSISSIPPI CODE OF 1972, WHICH PROVIDE FOR THE ISSUANCE OF BONDS BY THE MISSISSIPPI BUSINESS FINANCE CORPORATION IN ORDER TO FINANCE ECONOMIC DEVELOPMENT PROJECTS TO INDUCE THE LOCATION OR EXPANSION OF MANUFACTURING FACILITIES WITHIN THIS STATE, AND PROVIDE FOR A CREDIT AGAINST STATE INCOME TAXES FOR CERTAIN COMPANIES IN THE AMOUNT OF DEBT SERVICE PAID BY SUCH COMPANIES UNDER FINANCING AGREEMENTS ENTERED INTO WITH THE MISSISSIPPI BUSINESS FINANCE CORPORATION, AND PROVIDE FOR A CREDIT AGAINST STATE INCOME TAXES FOR EMPLOYEES OF CERTAIN COMPANIES WHO PAY JOB DEVELOPMENT ASSESSMENT FEES IN THE AMOUNT OF SUCH FEES; TO AMEND SECTION 57-10-409, MISSISSIPPI CODE OF 1972, TO REVISE THE TERMS OF THE FINANCING AGREEMENT FOR ECONOMIC DEVELOPMENT PROJECTS FOR WHICH BONDS HAVE NOT BEEN ISSUED OR THAT HAVE NOT BEEN INDUCED BY A RESOLUTION OF THE MISSISSIPPI BUSINESS FINANCE CORPORATION THAT HAS BEEN FILED WITH THE STATE TAX COMMISSION PRIOR TO JULY 1, 1997; TO AMEND SECTION 57-10-413, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT APPROVED COMPANIES INVOLVED IN ECONOMIC DEVELOPMENT PROJECTS FOR WHICH BONDS HAVE NOT BEEN ISSUED OR THAT HAVE NOT BEEN INDUCED BY A RESOLUTION OF THE MISSISSIPPI BUSINESS FINANCE CORPORATION FILED WITH THE STATE TAX COMMISSION PRIOR TO JULY 1, 1997, MAY NOT REQUIRE THEIR EMPLOYEES TO PAY A JOB DEVELOPMENT ASSESSMENT FEE; TO AMEND SECTION 27-7-22.3, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT APPROVED COMPANIES INVOLVED IN ECONOMIC DEVELOPMENT PROJECTS FOR WHICH BONDS HAVE NOT BEEN ISSUED OR THAT HAVE NOT BEEN INDUCED BY A RESOLUTION OF THE MISSISSIPPI BUSINESS FINANCE CORPORATION THAT HAS BEEN FILED WITH THE STATE TAX COMMISSION PRIOR TO JULY 1,1997, SHALL BE ALLOWED AN INCOME TAX CREDIT IN THE AMOUNT OF 80% OF THE AMOUNT OF TAXES DUE THE STATE OF MISSISSIPPI PRIOR TO THE APPLICATION OF THE CREDIT AND TO ALLOW SUCH CREDIT TO BE CARRIED FORWARD FOR THREE YEARS AFTER THE DATE UPON WHICH IT WAS EARNED; TO AMEND SECTION 57-10-449, MISSISSIPPI CODE OF 1972, TO EXTEND THE REPEAL DATE ON SECTIONS 57-10-401 THROUGH 57-10-445 AND SECTION 27-7-22.3, MISSISSIPPI CODE OF 1972; AND FOR RELATED PURPOSES.


Information pertaining to this measure was last updated on 04/25/97 at 12:25.



End Of Document

1997/History/HB\HB0899.htm