Mississippi Legislature
2007 Regular Session

House Bill 1578

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Bill Text

History of Actions

Background

Title

Description: Income tax and insurance premium tax; authorize a credit for certain investments made by qualified development entities.

Bill Text: [Introduced]

History of Actions:

1 01/25 (H) Referred To Ways and Means
2 02/21 (H) Died In Committee

Background Information:

Effective dateJanuary 1, 2007
DispositionDead
DeadlineRevenue
RevenueYes
Vote type requiredThree/Fifths

House Committee:

Principal Author: Watson

Additional Author: Brown

Code Section: A 027-0015-0129

Title: AN ACT TO PROVIDE FOR AN INCOME TAX AND INSURANCE PREMIUM TAX CREDIT FOR TAXPAYERS THAT PAY A QUALIFIED COMMUNITY DEVELOPMENT ENTITY FOR QUALIFIED EQUITY INVESTMENTS; TO PROVIDE THAT THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO A CERTAIN PERCENTAGE OF THE ADJUSTED PURCHASE PRICE PAID TO THE QUALIFIED COMMUNITY DEVELOPMENT ENTITY FOR THE QUALIFIED EQUITY INVESTMENT; TO PROVIDE THAT THE MAXIMUM AGGREGATE AMOUNT OF THE CREDITS THAT MAY BE ALLOCATED TO ALL TAXPAYERS IN ANY ONE STATE FISCAL YEAR SHALL NOT EXCEED $15,000,000.00 AND THAT THE CREDITS SHALL BE ALLOCATED BY THE MISSISSIPPI DEVELOPMENT AUTHORITY ON A FIRST-COME, FIRST-SERVED BASIS; TO PROVIDE FOR THE RECAPTURE OF ALL OR A PORTION OF THE CREDIT UNDER CERTAIN CIRCUMSTANCES; TO AMEND SECTION 27-15-129, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE INVESTMENTS THAT MAY REDUCE A TAXPAYER'S INSURANCE PREMIUM TAX LIABILITY UNDER SUCH SECTION SHALL NOT INCLUDE ANY INVESTMENT FOR WHICH A CREDIT IS ALLOCATED UNDER THIS ACT; AND FOR RELATED PURPOSES.


Information pertaining to this measure was last updated on 02/21/07 at 15:45.

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2007/html/History/HB/HB1578.htm