Bill Text | History of Actions | Background | Title |
Description: Sales/income taxation; create manufacturing income tax credit, revise certain other credits and exemptions.
Bill Text: [Introduced]
| 1 | 01/17 (S) Referred To Finance | |
| 2 | 02/23 (S) Died In Committee |
| Effective date | ** See Text | |
| Disposition | Dead | |
| Deadline | Revenue | |
| Revenue | Yes | |
| Vote type required | Three/Fifths |
Senate Committee:
Principal Author: Robertson
Code Sections: A 027-0031-0101, A 027-0065-0017, A 027-0065-0019, A 027-0065-0101, A 057-0073-0021
Title: AN ACT TO ESTABLISH AN INCOME TAX CREDIT FOR MANUFACTURING ENTERPRISES THAT HAVE OPERATED IN THIS STATE FOR NOT LESS THAN TWO YEARS IN AN AMOUNT EQUAL TO A CERTAIN PERCENTAGE OF THE ENTERPRISE'S INVESTMENT IN BUILDINGS OR EQUIPMENT; TO PROVIDE THAT ANY SUCH TAX CREDIT CLAIMED BUT NOT USED IN ANY TAXABLE YEAR MAY BE CARRIED FORWARD FOR FIVE YEARS FROM THE CLOSE OF THE TAX YEAR IN WHICH THE ELIGIBLE INVESTMENT WAS MADE; TO PROVIDE THAT THE CREDIT TAKEN IN ANY ONE TAX YEAR IS LIMITED TO AN AMOUNT NOT GREATER THAN 50% OF THE TAXPAYER'S STATE INCOME TAX LIABILITY WHICH IS ATTRIBUTABLE TO INCOME DERIVED FROM OPERATIONS IN THE STATE FOR THAT YEAR; TO PROVIDE THAT THE MANUFACTURING ENTERPRISE MUST INVEST AT LEAST $1,000,000.00 TO BE ELIGIBLE FOR THE CREDIT; TO PROVIDE THAT THE MAXIMUM CUMULATIVE CREDIT THAT MAY BE CLAIMED BY A TAXPAYER FOR ANY ONE PROJECT IS LIMITED TO $1,000,000.00; TO PROVIDE FOR RECAPTURE OF THE CREDIT UNDER CERTAIN CIRCUMSTANCES; TO AMEND SECTION 27-31-101, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE BOARD OF SUPERVISORS OF COUNTIES AND THE GOVERNING AUTHORITIES OF MUNICIPALITIES TO GRANT CERTAIN AD VALOREM TAX EXEMPTIONS TO DATA/INFORMATION PROCESSING ENTERPRISES AND TECHNOLOGY INTENSIVE ENTERPRISES MEETING MINIMUM CRITERIA ESTABLISHED BY THE MISSISSIPPI DEVELOPMENT AUTHORITY; TO AMEND SECTION 27-65-17, MISSISSIPPI CODE OF 1972, TO IMPOSE THE SALES TAX AT A REDUCED RATE ON CERTAIN SALES OF MACHINERY AND MACHINE PARTS TO A TECHNOLOGY INTENSIVE BUSINESS FOR PLANT USE; TO AMEND SECTION 27-65-19, MISSISSIPPI CODE OF 1972, TO REDUCE THE SALES TAX ON CERTAIN FUELS SOLD TO OR USED BY TECHNOLOGY INTENSIVE ENTERPRISES; TO AMEND SECTION 27-65-101, MISSISSIPPI CODE OF 1972, TO EXEMPT FROM SALES TAXATION SALES OF COMPONENT MATERIALS USED IN THE CONSTRUCTION OF A FACILITY, OR ANY ADDITION OR IMPROVEMENT TO SUCH FACILITY, AND SALES OR LEASES OF MACHINERY AND EQUIPMENT TO BE USED IN SUCH FACILITIES, ADDITIONS OR IMPROVEMENTS, TO PERMANENT BUSINESS ENTERPRISES OPERATING A DATA/INFORMATION ENTERPRISE IN A TIER THREE AREA MEETING MINIMUM CRITERIA ESTABLISHED BY THE MISSISSIPPI DEVELOPMENT AUTHORITY; TO EXEMPT FROM SALES TAXATION SALES OF COMPONENT MATERIALS USED IN THE CONSTRUCTION OF A FACILITY, OR ANY ADDITION OR IMPROVEMENT TO SUCH FACILITY, AND SALES OF MACHINERY AND EQUIPMENT TO BE USED IN SUCH FACILITIES, ADDITIONS OR IMPROVEMENTS, TO TECHNOLOGY INTENSIVE ENTERPRISES FOR INDUSTRIAL PURPOSES IN A TIER THREE AREA; TO REDUCE THE SALES TAXATION ON SALES OF COMPONENT MATERIALS USED IN THE CONSTRUCTION OF A FACILITY, OR ANY ADDITION OR IMPROVEMENT TO SUCH BUILDING, AND SALES OR LEASES OF MACHINERY AND EQUIPMENT TO BE USED IN SUCH BUILDINGS, ADDITIONS OR IMPROVEMENTS, TO PERMANENT BUSINESS ENTERPRISES OPERATING A DATA/INFORMATION ENTERPRISE IN A TIER ONE OR TIER TWO AREA MEETING MINIMUM CRITERIA ESTABLISHED BY THE MISSISSIPPI DEVELOPMENT AUTHORITY; TO REDUCE THE SALES TAXATION ON SALES OF COMPONENT MATERIALS USED IN THE CONSTRUCTION OF A FACILITY, OR ANY ADDITION OR IMPROVEMENT TO SUCH FACILITY, AND SALES OF MACHINERY AND EQUIPMENT, TO TECHNOLOGY INTENSIVE ENTERPRISES FOR INDUSTRIAL PURPOSES IN A TIER ONE OR TIER TWO AREA; TO AMEND SECTION 57-73-21, MISSISSIPPI CODE OF 1972, TO REVISE THE AMOUNT OF THE JOB TAX CREDIT FOR CERTAIN PERMANENT BUSINESS ENTERPRISES TO PROVIDE THAT THE AMOUNT OF THE CREDIT SHALL BE A CERTAIN PERCENTAGE OF SUCH ENTERPRISE'S PAYROLL; AND FOR RELATED PURPOSES.
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