Mississippi House Bill 1572 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Failed on February 24 2010 - 100% progression
Action: 2010-02-24 - Died In Committee
Text: Latest bill text (Introduced) [HTML]

An Act To Amend Section 27-7-22.5, Mississippi Code Of 1972, To Increase The Income Tax Credit For Ad Valorem Taxes Paid By Taxpayers On Certain Inventory; To Include Raw Materials Or Works-in-process In The Type Of Inventory Covered By The Credit; To Provide That Beginning With The 2012 Taxable Year A Taxpayer May Claim A Percentage Of The Ad Valorem Taxes That He Pays On Inventory For The Credit; To Increase The Percentage Amount Of Ad Valorem Taxes Paid By The Taxpayer That May Be Claimed For Such Credit Each Taxable Year For Five Taxable Years Until Such Time As The Entire Amount Of Ad Valorem Tax Paid On Inventory By The Taxpayer May Be Utilized For Such Credit; To Provide That The Taxpayer Shall Be Eligible For A Payment From The State In The Amount That The Ad Valorem Tax Credit Exceeds The Amount Of Income Tax Due The State In The Calendar Year In Which The Credit Is Claimed; And For Related Purposes.

Income tax; increase credit for ad valorem tax paid on inventory.

Rep. Wanda Jennings [R]

Date	Chamber	Action
2010-02-24		Died In Committee
2010-01-27		Referred To Ways and Means

Type	Source
Summary	https://billstatus.ls.state.ms.us/2010/pdf/history/HB/HB1572.xml
Text	https://billstatus.ls.state.ms.us/documents/2010/html/HB/1500-1599/HB1572IN.htm