Mississippi Legislature
2005 3rd Extraordinary Session

House Bill 1

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Bill Text

History of Actions

Amendments

Background

Title

Description: Economic development; establish and enhance certain tax incentives.

Bill Text: [Introduced] [Passed House]

History of Actions:

1 06/28 (H) Referred To Ways and Means
2 06/28 (H) Title Suff Do Pass
3 06/28 (H) Passed
4 06/28 (H) Immediate Release
5 06/28 (H) Transmitted To Senate
6 06/28 (S) Referred To Finance
7 06/28 (S) Title Suff Do Pass As Amended
8 06/28 (S) Amended
9 06/28 (S) Passed As Amended
10 06/28 (S) Immediate Release
11 06/28 (S) Returned For Concurrence
12 06/29 (S) Motion to Reconsider Entered
13 06/29 (S) Recalled From House
14 06/30 (S) Motion to Reconsider Tabled
15 06/30 (S) Returned For Concurrence
16 07/02 Died by Other Means

Amendments:

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

Background Information:

Effective date** See Text
DispositionDead
DeadlineNone
RevenueNo
Vote type requiredThree/Fifths

House Committee:

Senate Committee:

Principal Author: Watson

Additional Authors: Reynolds, Clark, Peranich, Moak, Holland

Code Sections: A 027-0031-0101, A 027-0065-0017, A 027-0065-0019, A 027-0065-0101, A 057-0073-0021, A 057-0073-0025, A 057-0010-0401, A 057-0062-0005, A 057-0062-0009, A 057-0062-0013

Title: AN ACT TO ESTABLISH AN INCOME TAX CREDIT FOR MANUFACTURING ENTERPRISES THAT HAVE OPERATED IN THIS STATE FOR NOT LESS THAN TWO YEARS IN AN AMOUNT EQUAL TO A CERTAIN PERCENTAGE OF THE ENTERPRISE'S INVESTMENT IN BUILDINGS OR EQUIPMENT; TO PROVIDE THAT ANY SUCH TAX CREDIT CLAIMED BUT NOT USED IN ANY TAXABLE YEAR MAY BE CARRIED FORWARD FOR FIVE YEARS FROM THE CLOSE OF THE TAX YEAR IN WHICH THE ELIGIBLE INVESTMENT WAS MADE; TO PROVIDE THAT THE CREDIT TAKEN IN ANY ONE TAX YEAR IS LIMITED TO AN AMOUNT NOT GREATER THAN 50% OF THE TAXPAYER'S STATE INCOME TAX LIABILITY WHICH IS ATTRIBUTABLE TO INCOME DERIVED FROM OPERATIONS IN THE STATE FOR THAT YEAR; TO PROVIDE THAT THE MANUFACTURING ENTERPRISE MUST INVEST AT LEAST $1,000,000.00 TO BE ELIGIBLE FOR THE CREDIT; TO PROVIDE THAT THE MAXIMUM CUMULATIVE CREDIT THAT MAY BE CLAIMED BY A TAXPAYER FOR ANY ONE PROJECT IS LIMITED TO $1,000,000.00; TO PROVIDE FOR RECAPTURE OF THE CREDIT UNDER CERTAIN CIRCUMSTANCES; TO AMEND SECTION 27-31-101, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE BOARD OF SUPERVISORS OF COUNTIES AND THE GOVERNING AUTHORITIES OF MUNICIPALITIES TO GRANT CERTAIN AD VALOREM TAX EXEMPTIONS TO DATA/INFORMATION PROCESSING ENTERPRISES AND TECHNOLOGY INTENSIVE ENTERPRISES MEETING MINIMUM CRITERIA ESTABLISHED BY THE MISSISSIPPI DEVELOPMENT AUTHORITY; TO AMEND SECTION 27-65-17, MISSISSIPPI CODE OF 1972, TO IMPOSE THE SALES TAX AT A REDUCED RATE ON CERTAIN SALES OF MACHINERY AND MACHINE PARTS TO A TECHNOLOGY INTENSIVE BUSINESS FOR PLANT USE; TO AMEND SECTION 27-65-19, MISSISSIPPI CODE OF 1972, TO REDUCE THE SALES TAX ON CERTAIN FUELS SOLD TO OR USED BY TECHNOLOGY INTENSIVE ENTERPRISES; TO AMEND SECTION 27-65-101, MISSISSIPPI CODE OF 1972, TO EXEMPT FROM SALES TAXATION SALES OF COMPONENT MATERIALS USED IN THE CONSTRUCTION OF A FACILITY, OR ANY ADDITION OR IMPROVEMENT TO SUCH FACILITY, AND SALES OR LEASES OF MACHINERY AND EQUIPMENT TO BE USED IN SUCH FACILITIES, ADDITIONS OR IMPROVEMENTS, TO PERMANENT BUSINESS ENTERPRISES OPERATING A DATA/INFORMATION ENTERPRISE IN A TIER THREE AREA MEETING MINIMUM CRITERIA ESTABLISHED BY THE MISSISSIPPI DEVELOPMENT AUTHORITY; TO EXEMPT FROM SALES TAXATION SALES OF COMPONENT MATERIALS USED IN THE CONSTRUCTION OF A FACILITY, OR ANY ADDITION OR IMPROVEMENT TO SUCH FACILITY, AND SALES OF MACHINERY AND EQUIPMENT TO BE USED IN SUCH FACILITIES, ADDITIONS OR IMPROVEMENTS, TO TECHNOLOGY INTENSIVE ENTERPRISES FOR INDUSTRIAL PURPOSES IN A TIER THREE AREA; TO REDUCE THE SALES TAXATION ON SALES OF COMPONENT MATERIALS USED IN THE CONSTRUCTION OF A FACILITY, OR ANY ADDITION OR IMPROVEMENT TO SUCH BUILDING, AND SALES OR LEASES OF MACHINERY AND EQUIPMENT TO BE USED IN SUCH BUILDINGS, ADDITIONS OR IMPROVEMENTS, TO PERMANENT BUSINESS ENTERPRISES OPERATING A DATA/INFORMATION ENTERPRISE IN A TIER ONE OR TIER TWO AREA MEETING MINIMUM CRITERIA ESTABLISHED BY THE MISSISSIPPI DEVELOPMENT AUTHORITY; TO REDUCE THE SALES TAXATION ON SALES OF COMPONENT MATERIALS USED IN THE CONSTRUCTION OF A FACILITY, OR ANY ADDITION OR IMPROVEMENT TO SUCH FACILITY, AND SALES OF MACHINERY AND EQUIPMENT, TO TECHNOLOGY INTENSIVE ENTERPRISES FOR INDUSTRIAL PURPOSES IN A TIER ONE OR TIER TWO AREA; TO AMEND SECTION 57-73-21, MISSISSIPPI CODE OF 1972, TO REVISE THE AMOUNT OF THE JOB TAX CREDIT FOR CERTAIN PERMANENT BUSINESS ENTERPRISES TO PROVIDE THAT THE AMOUNT OF THE CREDIT SHALL BE A CERTAIN PERCENTAGE OF SUCH ENTERPRISE'S PAYROLL; TO AMEND SECTION 57-73-25, MISSISSIPPI CODE OF 1972, IN CONFORMITY THERETO; TO AMEND SECTION 57-10-401, MISSISSIPPI CODE OF 1972, TO INCLUDE CERTAIN INFORMATION PROCESSING BUSINESSES, NATIONAL OR REGIONAL HEADQUARTERS, RESEARCH AND DEVELOPMENT FACILITIES AND TECHNOLOGY INTENSIVE ENTERPRISES OR FACILITIES WITHIN THE DEFINITION OF THE TERM "ELIGIBLE COMPANY"; TO AMEND SECTIONS 57-62-5 AND 57-62-9, MISSISSIPPI CODE OF 1972, TO REVISE THE DEFINITION OF THE TERM "QUALIFIED BUSINESS OR INDUSTRY" UNDER THE MISSISSIPPI ADVANTAGE JOBS ACT TO ALLOW A BUSINESS TO BE ELIGIBLE FOR THE INCENTIVE PAYMENT UNDER THE ACT IF IT IS A DATA/INFORMATION PROCESSING ENTERPRISE, MANUFACTURING OR DISTRIBUTION ENTERPRISE OR A RESEARCH AND DEVELOPMENT OR TECHNOLOGY INTENSIVE ENTERPRISE THAT MEETS CERTAIN CRITERIA; TO REQUIRE APPLICANTS FOR THE INCENTIVE PAYMENTS UNDER THE ACT TO EXECUTE A PERFORMANCE AGREEMENT WITH THE MISSISSIPPI DEVELOPMENT AUTHORITY THAT SPECIFIES THE MANNER IN WHICH THE APPLICANT WILL UTILIZE THE INCENTIVE PAYMENT; TO AMEND SECTION 57-62-13, MISSISSIPPI CODE OF 1972, IN CONFORMITY THERETO; AND FOR RELATED PURPOSES.


Information pertaining to this measure was last updated on 07/05/05 at 08:45.

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