MISSISSIPPI LEGISLATURE

1999 Regular Session

To: Finance

By: Senator(s) Hawks

AN ACT TO CREATE A NEW CODE SECTION TO BE CODIFIED AS SECTION 27-7-6, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR A TAX REBATE FOR INDIVIDUAL TAXPAYERS IN AN AMOUNT EQUAL TO 10% OF THE TAX ASSESSED AND LEVIED PURSUANT TO CODE SECTION 27-7-5, MISSISSIPPI CODE OF 1972; AND FOR RELATED PURPOSES.

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

SECTION 1. The following provision shall be codified as Section 27-7-6, Mississippi Code of 1972:

27-7-6. (1) There is hereby provided for the calendar year 2001 and all calendar years thereafter, upon the tax of each individual taxpayer, a tax rebate to be determined by the following formula:

The tax assessed and levied pursuant to Section 27-7-5, Mississippi Code of 1972, multiplied by ten percent (10%).

(2) For purposes of this section, "rebate" means a refund of a portion of taxes assessed and levied, granted in the form of a credit against taxes assessed and levied in the same year.

SECTION 2. This act shall take effect and be in force from and after its passage.