Bill Text | History of Actions | Background | Title |
Description: Taxation; income tax credit incentives for certain activities at brownfield sites.
Bill Text: [Introduced]
| 1 | 01/10 (S) Referred To Environment Prot, Cons and Water Res;Finance | |
| 2 | 02/26 (S) Died In Committee |
| Effective date | January 1, 2004 | |
| Disposition | Dead | |
| Deadline | Revenue | |
| Revenue | Yes | |
| Vote type required | Three/Fifths |
Senate Committees:
Principal Author: Nunnelee
Code Sections: A 057-0001-0301, A 057-0001-0303, A 057-0001-0307, A 057-0073-0021
Title: AN ACT TO CREATE THE MISSISSIPPI BROWNFIELDS VOLUNTARY CLEANUP AND REDEVELOPMENT INCENTIVES ACT; TO EXPRESS THE FINDINGS OF THE LEGISLATURE; TO CREATE A NEW SECTION TO BE CODIFIED AS SECTION 27-7-22.16, MISSISSIPPI CODE OF 1972, WHICH AUTHORIZES AN INCOME TAX CREDIT FOR REMEDIATION COST INCURRED AT A BROWNFIELD AGREEMENT SITE; TO DEFINE CERTAIN TERMS; TO PRESCRIBE THE AMOUNT OF THE INCOME TAX CREDIT; TO REQUIRE THE COMMISSION ON ENVIRONMENTAL QUALITY TO APPROVE AN AMOUNT OF REMEDIATION COSTS ELIGIBLE FOR THE TAX CREDIT; TO PROVIDE FOR SUBMISSION OF SUPPORTING INFORMATION TO THE STATE TAX COMMISSION; TO AMEND SECTION 57-1-301, MISSISSIPPI CODE OF 1972, TO MODIFY THE DEFINITION OF CAPITAL IMPROVEMENT TO INCLUDE BROWNFIELD SITE REMEDIATION; TO AMEND SECTION 57-1-303, MISSISSIPPI CODE OF 1972, TO CREATE THE LOCAL GOVERNMENTS BROWNFIELDS REDEVELOPMENT GRANT FUND AND PROGRAM; TO AMEND SECTION 57-1-307, MISSISSIPPI CODE OF 1972, TO INCREASE THE AMOUNT OF GENERAL OBLIGATION BONDS AUTHORIZED TO BE ISSUED UNDER THE LOCAL GOVERNMENTS AND CAPITAL IMPROVEMENTS REVOLVING LOAN PROGRAM; TO DEDICATE A PORTION OF THE PROCEEDS OF THE ADDITIONAL BONDS FOR LOANS TO LOCAL GOVERNMENTS FOR BROWNFIELDS SITE REMEDIATION; TO REQUIRE THE PLACEMENT OF A PORTION OF THE INTEREST EARNINGS ON THE PROCEEDS OF THE ADDITIONAL BONDS AUTHORIZED IN THIS ACT TO BE PAID INTO THE LOCAL GOVERNMENTS BROWNFIELDS REDEVELOPMENT GRANT FUND; TO AMEND SECTION 57-73-21, MISSISSIPPI CODE OF 1972, TO AUTHORIZE A JOB TAX CREDIT FOR COMMERCIAL AND INDUSTRIAL PROPERTY OWNERS CLEANING UP A BROWNFIELD AGREEMENT SITE UNDER THE MISSISSIPPI BROWNFIELDS VOLUNTARY CLEANUP AND REDEVELOPMENT ACT; TO SPECIFY THE AMOUNT OF THE JOB TAX CREDIT; AND FOR RELATED PURPOSES.
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