Bill Text | History of Actions | Background | Title |
Description: Ad valorem tax and income tax; provide incentives to promote development in municipalities.
Bill Text: [Introduced]
| 1 | 01/04 (H) Referred To Municipalities;Ways and Means | |
| 2 | 02/23 (H) Died In Committee |
| Effective date | July 1, 2005 | |
| Disposition | Dead | |
| Deadline | Revenue | |
| Revenue | Yes | |
| Vote type required | Three/Fifths |
House Committees:
Principal Author: Fleming
Code Sections: A 017-0021-0005, A 017-0021-0007, A 021-0045-0003, A 021-0045-0007, A 027-0031-0031
Title: AN ACT TO AMEND SECTIONS 17-21-5 AND 17-21-7, MISSISSIPPI CODE OF 1972, TO REVISE EXEMPTIONS FROM MUNICIPAL AD VALOREM TAX FOR CENTRAL BUSINESS DISTRICTS, HISTORIC PRESERVATION DISTRICTS, BUSINESS IMPROVEMENT DISTRICTS, URBAN RENEWAL DISTRICTS, REDEVELOPMENT DISTRICTS OR HISTORIC LANDMARKS; TO AMEND SECTION 21-45-3, MISSISSIPPI CODE OF 1972, TO REVISE THE DEFINITION OF REDEVELOPMENT PROJECT; TO AMEND SECTION 21-45-7, MISSISSIPPI CODE OF 1972, TO CONFORM THE DIVISION OF AD VALOREM TAXES UNDER A TAX INCREMENT FINANCING PLAN FOR THE PURPOSES OF THIS ACT; TO AMEND SECTION 27-31-31, MISSISSIPPI CODE OF 1972, IN CONFORMITY TO THE PROVISIONS OF THIS ACT; TO AUTHORIZE AN INCOME TAX CREDIT FOR TAXPAYERS WHO INCUR COSTS AND EXPENSES FOR THE REHABILITATION OF ELIGIBLE PROPERTY WHICH IS A CERTIFIED HISTORIC STRUCTURE OR A STRUCTURE IN A CERTIFIED HISTORIC DISTRICT IN AN AMOUNT EQUAL TO 25% OF THE TOTAL COSTS AND EXPENSES OF REHABILITATION INCURRED, IF THE COSTS AND EXPENSES ASSOCIATED WITH REHABILITATION EXCEED 50% OF THE TOTAL BASIS IN THE PROPERTY AND THE REHABILITATION IS CONSISTENT WITH THE STANDARDS OF THE SECRETARY OF THE UNITED STATES DEPARTMENT OF THE INTERIOR AS DETERMINED BY THE MISSISSIPPI DEPARTMENT OF ARCHIVES AND HISTORY; TO PROVIDE THAT IF THE AMOUNT OF THE TAX CREDIT EXCEEDS THE TOTAL STATE INCOME TAX LIABILITY FOR THE YEAR IN WHICH THE REHABILITATED PROPERTY IS PLACED IN SERVICE, THE AMOUNT THAT EXCEEDS THE TOTAL STATE INCOME TAX LIABILITY MAY BE CARRIED BACK TO EACH OF THE THREE TAX YEARS PRECEDING THE TAX YEAR IN WHICH THE ORIGINAL CREDIT IS CLAIMED AND CARRIED FORWARD FOR THE TEN SUCCEEDING TAX YEARS; TO ALLOW THE TAXPAYER TO TRANSFER, SELL OR ASSIGN SUCH CREDITS; TO PROVIDE THE MANNER IN WHICH SUCH CREDIT MAY BE CLAIMED; AND FOR RELATED PURPOSES.
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2005/pdf/History/HB/HB0190.htm