MISSISSIPPI LEGISLATURE

1997 Regular Session

To: Finance

By: Senator(s) Posey

AN ACT TO PROVIDE AN INCOME TAX CREDIT IN AN AMOUNT EQUAL TO 25% OF EXPENDITURES MADE IN A TAX YEAR FOR CERTAIN SOIL AND WATER CONSERVATION PRACTICES UP TO A MAXIMUM OF $2,500.00; AND FOR RELATED PURPOSES. 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. (1) For any taxpayer, a credit against the taxes imposed pursuant to this chapter shall be allowed in the amount of twenty-five percent (25%) of all expenditures up to a maximum of Two Thousand Five Hundred Dollars ($2,500.00) made in each tax year by such taxpayer for:

(a) The purchase of conservation tillage equipment,

(b) The purchase and installation of drip/trickle irrigation systems, including but not limited to, dams, pipe, pumps, wells, installation charges and other related expenses;

(c) The purchase and installation of reusable temporary stream crossing bridges used in the course of timber harvesting;

(d) The construction and installation or restoration of ponds, lakes and other water impoundments, and water control structures designed for the purposes of water storage for irrigation and/or water quality improvement.

(2)(a) In order for expenditures made for the type of equipment described in subsection (1)(b) and (1)(d) of this section to qualify for the credit provided for in this section, the type of equipment must be on a list of all equipment that qualifies as conservation tillage equipment provided to the State Tax Commission by the Mississippi Soil and Water Conservation Commission.

(b) In order for expenditures for the types of activities provided for in subsection (1)(b) and (d) of this section to qualify for the credit provided for in this section, the taxpayer must obtain a certificate of qualification from the Mississippi Soil and Water Conservation Commission or its agent in the local Soil and Water Conservation District, certifying that the construction or renovation offers an irrigation or water quality benefit.

SECTION 2. The provisions of Section 1 of this act shall be codified in Chapter 7 of Title 27, Mississippi Code of 1972.

SECTION 3. This act shall take effect and be in force from and after January 1, 1997.