Mississippi Legislature
2007 Regular Session

House Bill 477

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Bill Text

History of Actions

Background

Title

Description: Income tax; authorize a tax credit for milk producers.

Bill Text: [Introduced]

History of Actions:

1 01/04 (H) Referred To Agriculture;Ways and Means
2 01/16 (H) DR - TSDP: AG To WM
3 01/25 (H) DR - TSDPCS: WM To AG
4 02/21 (H) Died In Committee

Background Information:

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

House Committees:

Principal Author: Dedeaux

Additional Authors: Eaton, Barnett, Cockerham, Compretta, Moak, Myers, Nicholson, Upshaw, Vince, Montgomery, Arinder

Title: AN ACT TO AUTHORIZE AN INCOME TAX CREDIT FOR RESIDENT TAXPAYERS ENGAGED IN THE BUSINESS OF PRODUCING MILK FOR SALE; TO PROVIDE THAT THE AMOUNT OF THE CREDIT SHALL BE BASED ON THE AMOUNT OF MILK PRODUCED AND SOLD BY A TAXPAYER; TO PROVIDE FOR THE MAXIMUM AMOUNT OF CREDIT THAT A TAXPAYER MAY CLAIM FOR A TAXABLE YEAR; TO PROVIDE THAT IF THE AMOUNT OF CREDIT CLAIMED BY A TAXPAYER EXCEEDS THE AMOUNT OF INCOME TAX IMPOSED UPON THE TAXPAYER FOR THE TAXABLE YEAR, THEN THE TAXPAYER SHALL RECEIVE A REFUND FROM THE STATE TAX COMMISSION FOR THE AMOUNT OF SUCH EXCESS; TO PROVIDE THAT THE COMMISSIONER OF AGRICULTURE AND COMMERCE SHALL PROMULGATE RULES AND REGULATIONS NECESSARY FOR DETERMINING WHETHER A TAXPAYER IS ELIGIBLE TO CLAIM THE INCOME TAX CREDIT AUTHORIZED UNDER THIS ACT AND CERTIFY TO THE STATE TAX COMMISSION WHETHER A TAXPAYER CLAIMING A CREDIT HAS SATISFIED THE ELIGIBILITY REQUIREMENTS OF THIS ACT; AND FOR RELATED PURPOSES.


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

End Of Document
2007/pdf/History/HB/HB0477.htm