Mississippi Legislature
2005 Regular Session

House Bill 1668

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Bill Text

History of Actions

Amendments

Background

Title

Description: Major Economic Impact Act; revise definition of "project," authorize issuance of bonds, provide tax incentives/certain projects.

Bill Text: [Introduced] [Committee Substitute] [Passed House] [Sent to Governor]

History of Actions:

1 02/15 (H) Referred To Ways and Means
2 02/16 (H) Title Suff Do Pass Comm Sub
3 02/21 (H) Read the Third Time
4 02/22 (H) Committee Substitute Adopted
5 02/22 (H) Passed
6 02/22 (H) Motion to Reconsider Entered
7 02/23 (H) Motion to Reconsider Tabled
8 02/24 (H) Transmitted To Senate
9 02/24 (S) Referred To Finance
10 03/01 (S) Title Suff Do Pass As Amended
11 03/01 (S) Amended
12 03/01 (S) Passed As Amended
13 03/01 (S) Immediate Release
14 03/01 (S) Returned For Concurrence
15 03/03 (H) Decline to Concur/Invite Conf
16 03/03 (H) Conferees Named Watson,Ellis,Smith (39th)
17 03/03 (S) Conferees Named Robertson,Brown,Clarke
18 03/08 (H) Conference Report Filed
19 03/08 (S) Conference Report Filed
20 03/08 Suspend from Deadlines by SC 582
21 03/08 (S) Conference Report Adopted
22 03/08 (S) Immediate Release
23 03/08 (H) Conference Report Adopted
24 03/08 (H) Immediate Release
25 03/09 (S) Enrolled Bill Signed
25 03/09 (H) Enrolled Bill Signed
27 03/14 Approved by Governor

Amendments/Conference Report:

Adopted [S] Committee Amendment No 1
   
[S] Amendment Report for House Bill No. 1668

Conference Report

Background Information:

Effective date** See Text
DispositionLaw
DeadlineRevenue
RevenueYes
Vote type requiredThree/Fifths
Suspension measureSC 582
Chapter number315

House Committee:

Senate Committee:

Principal Author: Watson

Code Sections: A 057-0075-0005, A 057-0075-0011, A 057-0075-0015, A 027-0065-0101, A 027-0067-0007, A 019-0007-0003, A 019-0009-0001, A 019-0009-0005

Title: AN ACT TO AMEND SECTION 57-75-5, MISSISSIPPI CODE OF 1972, TO REVISE THE DEFINITION OF THE TERM "PROJECT" UNDER THE MISSISSIPPI MAJOR ECONOMIC IMPACT ACT; TO AMEND SECTION 57-75-11, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE MISSISSIPPI MAJOR ECONOMIC IMPACT AUTHORITY TO PROVIDE GRANT AND LOAN FUNDS TO ENTERPRISES OWNING OR OPERATING CERTAIN PROJECTS UNDER THE MISSISSIPPI MAJOR ECONOMIC IMPACT ACT; TO AMEND SECTION 57-75-15, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE ISSUANCE OF BONDS FOR CERTAIN PROJECTS UNDER THE MISSISSIPPI MAJOR ECONOMIC IMPACT ACT; TO AMEND SECTION 27-65-101, MISSISSIPPI CODE OF 1972, TO EXEMPT FROM SALES TAXATION SALES TO AN ENTERPRISE OWNING OR OPERATING CERTAIN PROJECTS DEFINED UNDER THE MISSISSIPPI MAJOR ECONOMIC IMPACT ACT OF MACHINERY AND CERTAIN SPECIAL TOOLS OR REPAIR PARTS THEREFOR, FUEL AND SUPPLIES USED DIRECTLY IN THE MANUFACTURING/PRODUCTION OPERATIONS OF THE PROJECT; TO EXEMPT FROM SALES TAXATION THE SALE OF MATERIALS, MACHINERY AND EQUIPMENT USED IN THE CONSTRUCTION OF A BUILDING, OR AN ADDITION OR IMPROVEMENT THEREON TO AN ENTERPRISE OWNING OR OPERATING CERTAIN PROJECTS DEFINED UNDER THE MISSISSIPPI MAJOR ECONOMIC IMPACT ACT; TO AMEND SECTION 27-67-7, MISSISSIPPI CODE OF 1972, TO EXEMPT FROM USE TAXATION THE USE, STORAGE OR CONSUMPTION OF UTILITIES PURCHASED BY AND ENTERPRISE OWNING OR OPERATING CERTAIN PROJECTS DEFINED UNDER THE MISSISSIPPI MAJOR ECONOMIC IMPACT ACT; TO PROVIDE AN INCOME TAX CREDIT IN THE AMOUNT OF $5,000.00 FOR EACH NET NEW FULL-TIME EMPLOYEE JOB CREATED BY AN ENTERPRISE OWNING OR OPERATING CERTAIN PROJECTS DEFINED UNDER THE MISSISSIPPI MAJOR ECONOMIC IMPACT ACT; TO PROVIDE THAT THE ENTERPRISE MAY UTILIZE THE CREDIT FOR A PERIOD OF TEN YEARS FROM THE DATE THE CREDIT COMMENCES; TO PROVIDE THAT THE ENTERPRISE MAY SELECT THE COMMENCEMENT DATE BUT THE COMMENCEMENT DATE MAY NOT BE MORE THAN TWO YEARS FROM THE DATE THE PROJECT BECOMES FULLY OPERATIONAL; TO PROVIDE THAT ANY SUCH CREDIT CLAIMED BUT NOT USED IN A TAXABLE YEAR MAY BE CARRIED FORWARD; TO PROVIDE AN INCOME TAX CREDIT FOR AN ENTERPRISE OWNING OR OPERATING CERTAIN PROJECTS DEFINED UNDER THE MISSISSIPPI MAJOR ECONOMIC IMPACT ACT IN AN AMOUNT EQUAL TO A PERCENTAGE OF THE ENTERPRISE'S INVESTMENT IN EXCESS OF $400,000,000.00 IN THE INITIAL ESTABLISHMENT OF THE PROJECT; TO PROVIDE THAT ANY SUCH CREDIT CLAIMED BUT NOT USED IN A TAXABLE YEAR MAY BE CARRIED FORWARD FOR TEN YEARS; TO PROVIDE FOR THE RECAPTURE OF THE CREDIT UNDER CERTAIN CIRCUMSTANCES; TO AUTHORIZE CERTAIN COUNTIES TO CONTRIBUTE OR LEND FUNDS TO ENTERPRISES OWNING OR OPERATING CERTAIN PROJECTS UNDER THE MISSISSIPPI MAJOR ECONOMIC IMPACT ACT; TO PROVIDE THAT A COUNTY MAY ISSUE BONDS TO PROVIDE FUNDS FOR SUCH PURPOSES AND THAT THE BONDS WILL BE EXCLUDED FROM THE COUNTY DEBT LIMITATION; TO PROVIDE THAT A COUNTY MAY DONATE PROPERTY FOR USE IN THE LOCATION, CONSTRUCTION AND/OR OPERATION OF SUCH A PROJECT TO ENTITIES ENGAGED IN ECONOMIC DEVELOPMENT; TO AMEND SECTIONS 19-7-3, 19-9-1 AND 19-9-5, MISSISSIPPI CODE OF 1972, IN CONFORMITY THERETO; AND FOR RELATED PURPOSES.


Information pertaining to this measure was last updated on 03/25/05 at 09:19.

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