2006 Regular Session
By: Senator(s) Hewes, Butler, Horhn, Jackson (11th), Jackson (32nd), Jordan, Morgan, Simmons, Walls
AN ACT TO AMEND SECTION 27-7-22.25, MISSISSIPPI CODE OF 1972, TO DECREASE FROM $5,000,000.00 TO $2,000,000.00 THE AMOUNT OF THE INVESTMENT IN REAL OR PERSONAL PROPERTY IN MISSISSIPPI THAT A TAXPAYER MUST MAKE TO BE ELIGIBLE FOR THE INCOME TAX CREDIT FOR CERTAIN CHARGES IMPOSED ON THE EXPORT OR IMPORT OF CARGO AT AN AIRPORT; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 27-7-22.25, Mississippi Code of 1972, is amended as follows:
27-7-22.25. (1) As used in this section, the term "airport" means an airport established pursuant to Chapters 3 and 5, Title 61, Mississippi Code of 1972.
(2) Subject to the provisions of this section, for any income taxpayer utilizing the facilities at any airport for the export or import of cargo that is unloaded from a carrier at any such airport, a credit against the taxes imposed pursuant to this chapter shall be allowed in the amounts provided in this section. In order to be eligible for the credit authorized under this section, a taxpayer must locate its United States headquarters in Mississippi on or after July 1, 2005, employ at least five (5) new permanent full-time employees who actually work at such headquarters and, after July 1, 2005, invest a minimum of Two Million Dollars ($2,000,000.00), in the aggregate, in real property and/or personal property in Mississippi. For the purposes of this section, "full-time employee" shall mean an employee who works at least thirty-five (35) hours per week.
(3) Except as otherwise provided by subsection (4) of this section, the amount of the credit allowed pursuant to this section shall be the total of the following charges on import or export of cargo paid by the corporation:
(a) Receiving into the airport;
(b) Aircraft marshalling or handling fees; and
(c) Aircraft landing fees.
(4) The credit provided for in this section shall not exceed fifty percent (50%) of the amount of tax imposed upon the taxpayer for the taxable year reduced by the sum of all other credits allowable to such taxpayer under this chapter, except credit for tax payments made by or on behalf of the taxpayer. Any unused portion of the credit may be carried forward for the succeeding five (5) years. The maximum cumulative credit that may be claimed by a taxpayer under this section is limited to One Million Dollars ($1,000,000.00) if the taxpayer employs at least five (5), but not more than twenty-five (25) permanent full-time employees at its headquarters in Mississippi; Two Million Dollars ($2,000,000.00) if the taxpayer employs more than twenty-five (25), but not more than one hundred (100) permanent full-time employees at its headquarters in Mississippi; Three Million Dollars ($3,000,000.00) if the taxpayer employs more than one hundred (100), but not more than two hundred (200) permanent full-time employees at its headquarters in Mississippi; and Four Million Dollars ($4,000,000.00) if the taxpayer employs more than two hundred (200) permanent full-time employees at its headquarters in Mississippi.
(5) To obtain the credit provided for in this section, a taxpayer must provide to the State Tax Commission a statement from the governing authority of the airport certifying the amount of charges paid by the taxpayer for which a credit is claimed and any other information required by the State Tax Commission.
(6) Any taxpayer who is eligible, before July 1, 2007, for the credit provided for in this section, shall remain eligible for such credit after July 1, 2007, notwithstanding the repeal of this section.
SECTION 2. This act shall take effect and be in force from and after July 1, 2006.