2007 Regular Session
To: Agriculture; Ways and Means
By: Representative Dedeaux, Eaton, Barnett, Cockerham, Compretta, Moak, Myers, Nicholson, Upshaw, Vince, Montgomery, Arinder
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.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. (1) (a) Subject to the provisions of this section, any resident taxpayer engaged in the business of producing milk for sale shall be allowed a refundable credit against the taxes imposed under this chapter.
(b) The amount of the credit shall be based on the amount of milk produced and sold by a taxpayer as follows:
(i) The credit shall be for an amount not to exceed Five Thousand Dollars ($5,000.00) for the production and sale of the first three hundred thousand (300,000) pounds of milk by a taxpayer, with the credit to be calculated on a pro rata basis based on the number of pounds of milk produced and sold by the taxpayer; and
(ii) The credit shall be for an amount not to exceed Five Thousand Dollars ($5,000.00) for the production and sale of the second three hundred thousand (300,000) pounds of milk by a taxpayer, with the credit to be calculated on a pro rata basis based on the number of pounds of milk produced and sold by the taxpayer.
(c) The maximum income tax credit that a taxpayer may claim for a taxable year shall not exceed Ten Thousand Dollars ($10,000.00). If the amount of credit claimed by a taxpayer exceeds the amount of income tax imposed upon the taxpayer for the taxable year reduced by the sum of all other credits allowable to the taxpayer under the state income tax laws, except credit for tax payments made by or on behalf of the taxpayer, then the taxpayer shall receive a refund from the State Tax Commission for the amount of such excess.
(d) The credit authorized under this section must be prorated on a quarterly basis.
(2) 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 section and shall certify to the State Tax Commission whether a taxpayer claiming a credit has satisfied the eligibility requirements of this section.
(3) This section shall stand repealed from and after July 1, 2009.
SECTION 2. Section 1 of this act shall be codified in Chapter 7, Title 27, Mississippi Code of 1972.
SECTION 3. Nothing in this act shall affect or defeat any claim, assessment, appeal, suit, right or cause of action for taxes due or accrued under the income tax laws before the date on which this act becomes effective, whether such claims, assessments, appeals, suits or actions have been begun before the date on which this act becomes effective or are begun thereafter; and the provisions of the income tax laws are expressly continued in full force, effect and operation for the purpose of the assessment, collection and enrollment of liens for any taxes due or accrued and the execution of any warrant under such laws before the date on which this act becomes effective, and for the imposition of any penalties, forfeitures or claims for failure to comply with such laws.
SECTION 4. This act shall take effect and be in force from and after January 1, 2007.