Mississippi Legislature
2003 Regular Session

House Bill 1562

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Bill Text

History of Actions

Amendments

Background

Title

Description: Insurance premium tax; provide a credit for certain investments of certified capital.

Bill Text: [Introduced] [Committee Substitute] [Passed House]

History of Actions:

1 02/18 (H) Referred To Ways and Means
2 02/20 (H) Title Suff Do Pass Comm Sub
3 02/20 (H) Committee Substitute Adopted
4 02/20 (H) Passed
5 02/21 (H) Motion to Reconsider Entered
6 02/25 (H) Motion to Reconsider Tabled
7 02/25 (H) Transmitted To Senate
8 02/26 (S) Referred To Finance
9 03/17 (S) Title Suff Do Pass As Amended
10 03/18 (S) Amended
11 03/18 (S) Passed As Amended
12 03/19 (S) Returned For Concurrence
13 03/21 (H) Decline to Concur/Invite Conf
14 03/21 (S) Conferees Named Minor,Robertson,Tollison
15 03/25 (H) Conferees Named Reeves,Guice,Smith (27th)
16 03/29 (H) Died In Conference

Amendments:

Adopted [S] Amendment No 1

Background Information:

Effective dateJuly 1, 2003
DispositionDead
DeadlineRevenue
RevenueYes
Vote type requiredThree/Fifths

House Committee:

Senate Committee:

Principal Author: Guice

Additional Author: Morris

Title: AN ACT TO CREATE THE CERTIFIED CAPITAL COMPANY ACT; TO PROVIDE THAT A CERTIFIED INVESTOR WHO MAKES AN INVESTMENT OF CERTIFIED CAPITAL PURSUANT TO AN ALLOCATION UNDER THIS ACT SHALL EARN A VESTED CREDIT AGAINST THE CERTIFIED INVESTOR'S INSURANCE PREMIUM TAX LIABILITY EQUAL TO 100% OF THE CERTIFIED INVESTOR'S INVESTMENT OF CERTIFIED CAPITAL; TO PROVIDE THAT A CERTIFIED INVESTOR IS ENTITLED TO TAKE A MAXIMUM OF 10% OF THE VESTED TAX CREDIT IN ANY TAX YEAR BEGINNING WITH THE 2005 TAX YEAR; TO PROVIDE THAT THE CREDIT CLAIMED IN ANY ONE TAX YEAR SHALL NOT EXCEED THE TAX LIABILITY OF THE INVESTOR FOR THE YEAR CLAIMED; TO PROVIDE THAT ALL UNUSED CREDIT MAY BE CARRIED FORWARD UNTIL THE CREDIT IS USED UP; TO PROVIDE THAT THE TOTAL AMOUNT OF CREDIT ALLOWED UNDER THIS ACT FOR ALL TAXPAYERS SHALL NOT EXCEED $100,000,000.00 OR $10,000,000.00 PER YEAR FOR 10 YEARS; TO PROVIDE FOR THE ALLOCATION OF SUCH CREDITS BY THE MISSISSIPPI DEVELOPMENT AUTHORITY; TO LIMIT THE AMOUNT OF THE TAX CREDIT ALLOCATION FOR EACH CERTIFIED INVESTOR; TO PROVIDE THAT APPLICATION MUST BE MADE TO THE MISSISSIPPI DEVELOPMENT AUTHORITY FOR CERTIFICATION AS A CERTIFIED CAPITAL COMPANY; TO PROVIDE FOR A FEE FOR SUCH CERTIFICATION; TO PROVIDE FOR REVIEW OF THE APPLICATIONS BY THE MISSISSIPPI DEVELOPMENT AUTHORITY; TO REQUIRE CERTIFIED CAPITAL COMPANIES TO REPORT CERTAIN INFORMATION TO THE MISSISSIPPI DEVELOPMENT AUTHORITY; TO AUTHORIZE THE MISSISSIPPI DEVELOPMENT AUTHORITY TO ISSUE OPINIONS AS TO WHETHER AN INVESTMENT A CERTIFIED CAPITAL COMPANY PROPOSES TO MAKE IS A QUALIFIED INVESTMENT; TO REQUIRE THE MISSISSIPPI DEVELOPMENT AUTHORITY TO CONDUCT ANNUAL REVIEWS OF CERTIFIED CAPITAL COMPANIES TO DETERMINE IF THE CERTIFIED CAPITAL COMPANY IS ABIDING BY THE REQUIREMENTS OF CERTIFICATION; TO PROVIDE FOR A FEE FOR SUCH REVIEW; TO PROVIDE PENALTIES FOR DECERTIFICATION IN THE FORM OF RECAPTURE OR FORFEITURE OF TAX CREDITS; AND FOR RELATED PURPOSES.


Information pertaining to this measure was last updated on 03/29/03 at 19:32.

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2003/html/History/HB/HB1562.htm