Bill Text | History of Actions | Background | Title |
Description: Insurance premium tax; provide a credit for certain investments of certified capital.
Bill Text: [Introduced]
| 1 | 02/20 (S) Referred To Finance | |
| 2 | 02/26 (S) Died In Committee |
| Effective date | July 1, 2003 | |
| Disposition | Dead | |
| Deadline | Revenue | |
| Revenue | Yes | |
| Vote type required | Three/Fifths |
Senate Committee:
Principal Author: Chaney
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; TO PROVIDE THAT ANY TAX CREDIT EARNED UNDER THIS ACT BY AN INSURANCE COMPANY MAY NOT BE TRANSFERRED OR SOLD TO ANY OTHER INSURANCE COMPANY EXCEPT AFFILIATES OF THE INSURANCE COMPANY; AND FOR RELATED PURPOSES.
End Of Document
2003/html/History/SB/SB2981.htm