Senate Bill 2349

AN ACT TO PROVIDE AN INCOME TAX CREDIT TO TAXPAYERS WHO INVEST IN AN ENTERPRISE THAT CONVERTS AGRICULTURAL WASTE PRODUCTS INTO ENERGY PRODUCTS IN AN AMOUNT EQUAL TO 10% OF THE VALUE OF THE INVESTMENT MADE BY THE TAXPAYER; TO PROVIDE THAT THE TAX CREDIT SHALL NOT EXCEED 50% OF THE AMOUNT OF TAX IMPOSED UPON THE TAXPAYER; TO PROVIDE THAT UNUSED PORTIONS OF THE CREDIT MAY BE CARRIED FORWARD FOR FIVE YEARS; TO LIMIT THE CUMULATIVE AMOUNT OF THE CREDIT THAT MAY BE CLAIMED; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. (1) For any income taxpayer who invests in an enterprise that converts agricultural waste products into energy products, a credit against the taxes imposed pursuant to this chapter shall be allowed in an amount equal to ten percent (10%) of the value of the investment made by the taxpayer.

(2) The credit provided for in this section shall not exceed fifty percent (50%) of the amount of tax imposed upon the taxpayer for the taxable year reduced by the sum of all other credits allowable to such taxpayer under this chapter, except credit for tax payments made by or on behalf of the taxpayer. Any unused portion of the credit may be carried forward for the succeeding five (5) years. The maximum cumulative credit that may be claimed by a taxpayer pursuant to this section is limited to One Million Dollars ($1,000,000.00).

(3) The commission may promulgate rules and regulations to implement the provisions of this section.

SECTION 2. The provisions of Section 1 of this act shall be codified in Chapter 7, Title 27, Mississippi Code of 1972.

SECTION 3. This act shall take effect and be in force from and after January 1, 2005.