Bill Text | History of Actions | Background | Title |
Description: Taxation; income tax credit incentives for certain activities at brownfield sites.
Bill Text: [Introduced]
| 1 | 01/05 (S) Referred To Environment Prot, Cons and Water Res;Finance | |
| 2 | 02/23 (S) Died In Committee |
| Effective date | January 1, 2006 | |
| Disposition | Dead | |
| Deadline | Revenue | |
| Revenue | Yes | |
| Vote type required | Three/Fifths |
Senate Committees:
Principal Author: Nunnelee
Code Sections: A 057-0001-0301, A 057-0001-0307
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 57-1-307, 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 AND TO DEDICATE THE PROCEEDS OF THE ADDITIONAL BONDS FOR LOANS TO LOCAL GOVERNMENTS FOR BROWNFIELDS SITE REMEDIATION; AND FOR RELATED PURPOSES.
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