2009
Regular Session
Inventory tax; authorize a tax credit for.
AN ACT TO CREATE THE INVENTORY TAX REDUCTION ACT; TO ALLOW TAXPAYERS A CREDIT AGAINST INVENTORY TAX THAT SHALL BEGIN IN A CALENDAR YEAR AFTER A CERTAIN AMOUNT OF GROWTH IN STATE GENERAL FUND REVENUE OCCURS; TO INCREASE THE CREDIT EACH CALENDAR YEAR THEREAFTER UNTIL THE AMOUNT OF THE CREDIT EQUALS 50% OF THE AD VALOREM TAX IMPOSED ON THE INVENTORY OF THE TAXPAYER; TO CREATE THE INVENTORY TAX REDUCTION FUND, INTO WHICH SHALL BE DEPOSITED AN AMOUNT APPROPRIATED ANNUALLY BY THE LEGISLATURE THAT IS NECESSARY TO PAY COUNTIES FOR THE ANNUAL REDUCTION IN INVENTORY TAX REVENUE INCURRED BY LOCAL TAXING DISTRICTS IN THE COUNTY AS A RESULT OF THE TAX CREDIT; TO PROVIDE THAT THE STATE TAX COMMISSION SHALL MAKE PAYMENTS FROM THE INVENTORY TAX REDUCTION FUND TO THE COUNTY TAX COLLECTORS FOR DISTRIBUTION TO THE LOCAL TAXING DISTRICTS AS REIMBURSEMENT FOR INVENTORY TAXES THAT ARE LOST EACH FISCAL YEAR AS A RESULT OF THE INVENTORY TAX CREDIT AUTHORIZED BY THIS ACT; TO PROVIDE THAT THE AMOUNT THAT EACH LOCAL TAXING DISTRICT WILL RECEIVE UNDER THIS SECTION SHALL BE DETERMINED BY THE STATE TAX COMMISSION BASED ON DOCUMENTATION PROVIDED BY THE TAX COLLECTORS UNDER GUIDELINES ESTABLISHED BY THE COMMISSION; FUNDS RECEIVED BY LOCAL TAXING DISTRICTS FROM SUCH PAYMENTS SHALL BE CONSIDERED TO BE, AND SHALL BE USED IN THE SAME MANNER AS, THE PROCEEDS OF INVENTORY TAXES; TO AMEND SECTION 27-7-22.5, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT TAXPAYERS UTILIZING THE INCOME TAX CREDIT AUTHORIZED BY THIS SECTION SHALL NOT BE ELIGIBLE FOR THE INVENTORY TAX CREDIT AUTHORIZED BY THIS ACT; AND FOR RELATED PURPOSES.
03/17/09 at 15:11
S
B
3272
Senate Bill 3272
SB 3272
S
Dead
Revenue
Yes
Three/Fifths
** See Text
Ways and Means
T
../../House_cmtes/WM.xml
Finance
F
../../Senate_cmtes/FI.xml
Hewes
../../Senate_authors/Hewes.xml
Dearing
../../Senate_authors/Dearing.xml
Kirby
../../Senate_authors/Kirby.xml
Watson
../../Senate_authors/Watson.xml
A
../../code_sections/027/00070022_5.xml
1
02/20 (S) Referred To Finance
2
02/24 (S) Title Suff Do Pass Comm Sub
3
02/25 (S) Committee Substitute Adopted
4
02/25 (S) Passed
../../../../2009/pdf/votes/senate/0510009.pdf
5
02/26 (S) Transmitted To House
6
02/26 (H) Referred To Ways and Means
7
03/17 (H) Died In Committee
../../../../documents/2009/pdf/SB/3200-3299/SB3272PS.pdf
../../../../documents/2009/html/SB/3200-3299/SB3272PS.htm
../../../../documents/2009/pdf/SB/3200-3299/SB3272IN.pdf
../../../../documents/2009/html/SB/3200-3299/SB3272IN.htm
../../../../documents/2009/pdf/SB/3200-3299/SB3272CS.pdf
../../../../documents/2009/html/SB/3200-3299/SB3272CS.htm
../../../../documents/2009/pdf/SB/3200-3299/SB3272PS.pdf
../../../../documents/2009/html/SB/3200-3299/SB3272PS.htm
../../../../documents/2009/pdf/veto/SB3197.pdf
../../../../documents/2009/html/veto/SB3197.htm