MS HB1729 | 2020 | Regular Session

Status

Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Passed on July 7 2020 - 100% progression
Action: 2020-07-07 - Approved by Governor
Text: Latest bill text (Enrolled) [HTML]

Summary

An Act To Amend Section 27-7-22.31, Mississippi Code Of 1972, Which Authorizes An Income Tax Credit For Costs And Expenses Incurred For The Rehabilitation Of Certain Historic Structures; To Remove The Provision That Authorizes A Taxpayer To Elect To Receive A 75% Rebate On The Amount Of The Credit In Excess Of $250,000.00 In Lieu Of The Ten-year Carryforward So As To Allow The Taxpayer To Elect To Receive A Rebate On 75% Of The Total Amount Of The Credit In Lieu Of The Ten-year Carryforward; To Increase By $60,000,000.00 The Maximum Aggregate Amount Of Tax Credits That May Be Awarded Under This Section; To Grant Priority For The Tax Credit To Taxpayers Who Were Issued A Certificate Evidencing The Eligible Credit Prior To July 1, 2020; To Provide That The Tax Credit Shall Apply To Taxpayers Who Have Been Issued A Certificate Evidencing The Eligible Credit Before December 31, 2030, Or Who, Before December 31, 2030, Have Received A Determination In Writing From The Mississippi Department Of Archives And History That The Rehabilitation Is Consistent With The Historic Character Of The Property And That The Property Meets The United States Secretary Of The Interior's Standards For Rehabilitation And Who Are Issued A Certificate Evidencing The Eligible Credit On Or After December 31, 2030; To Amend Section 27-7-22.41, Mississippi Code Of 1972, Which Authorizes An Income Tax Credit For Voluntary Cash Contributions By Business Enterprises To Eligible Charitable Organizations, To Increase The Aggregate Amount Of The Credits That May Be Awarded During A Calendar Year; To Revise Certain Provisions Relating To The Allocation Of Such Credits; To Amend Section 27-7-22.39, Mississippi Code Of 1972, Which Authorizes Separate Income Tax Credits For Voluntary Cash Contributions To Qualifying Charitable Organizations And Qualifying Foster Care Charitable Organizations, To Decrease The Aggregate Amount Of The Credits That May Be Awarded In A Calendar Year; To Provide That Any Tax Credits Not Awarded Under This Section During Calendar Year 2020, May Be Allocated During Calendar Year 2020 Under Section 27-7-22.41 For Contributions By Taxpayers To Certain Eligible Charitable Organizations; To Extend The Date Of The Repealer On That Section Of Law; To Amend Section 27-7-22.32, Mississippi Code Of 1972, Which Authorizes An Income Tax Credit For Expenses Incurred For The Adoption Of A Child, To Extend The Date Of The Reverter On The Provision Of Law That Increases The Maximum Amount Of The Tax Credit From $2,500.00 To $5,000.00 Per Child And The Provision That Authorizes An Income Tax Credit For A Child Adopted Through The Mississippi Department Of Child Protection Services; To Amend Section 27-65-101, Mississippi Code Of 1972, To Extend Until July 1, 2025, The Sales Tax Exemption On Sales Of Equipment To Telecommunications Enterprises That Is Used In The Deployment Of Broadband Technologies; To Amend Section 57-87-5, Mississippi Code Of 1972, To Extend Until July 1, 2025, The Income Tax Credit And Corporation Franchise Tax Credit Authorized For Telecommunications Enterprises For The Cost Of Equipment Used In The Deployment Of Broadband Technologies; To Amend Section 57-87-7, Mississippi Code Of 1972, To Extend Until July 1, 2025, The Ad Valorem Tax Exemption For Equipment Used In The Deployment Of Broadband Technologies By Telecommunications Enterprises; To Provide That Certain Tax Credits Shall Not Apply To Equipment Used In The Deployment Of Broadband Technologies If Such Equipment Was Paid For, Or Its Cost Was Reimbursed By, Funds Made Available Under The Coronavirus Aid, Relief, And Economic Security (cares) Act; And For Related Purposes.

Tracking Information

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Title

Taxation; revise provisions regarding certain income tax credits, sale tax and ad valorem tax exemptions and franchise tax credits.

Sponsors


Roll Calls

2020-06-26 - House - House Concurred in Amend From Senate (Y: 117 N: 0 NV: 3 Abs: 0) [PASS]
2020-06-23 - Senate - Senate Passed As Amended (Y: 50 N: 1 NV: 1 Abs: 0) [PASS]
2020-05-29 - House - House Passed (Y: 116 N: 1 NV: 3 Abs: 0) [PASS]

History

DateChamberAction
2020-07-07 Approved by Governor
2020-06-30SenateEnrolled Bill Signed
2020-06-30HouseEnrolled Bill Signed
2020-06-26HouseConcurred in Amend From Senate
2020-06-25SenateReturned For Concurrence
2020-06-23SenatePassed As Amended
2020-06-23SenateAmended
2020-06-17SenateTitle Suff Do Pass As Amended
2020-06-03SenateReferred To Finance
2020-06-01HouseTransmitted To Senate
2020-05-29HousePassed
2020-05-29HouseCommittee Substitute Adopted
2020-05-28HouseTitle Suff Do Pass Comm Sub
2020-05-28HouseReferred To Ways and Means

Mississippi State Sources

TypeSource
Summaryhttp://billstatus.ls.state.ms.us/2020/pdf/history/HB/HB1729.xml
Texthttp://billstatus.ls.state.ms.us/documents/2020/html/HB/1700-1799/HB1729IN.htm
Texthttp://billstatus.ls.state.ms.us/documents/2020/html/HB/1700-1799/HB1729CS.htm
Texthttp://billstatus.ls.state.ms.us/documents/2020/html/HB/1700-1799/HB1729PS.htm
Texthttp://billstatus.ls.state.ms.us/documents/2020/html/HB/1700-1799/HB1729SG.htm
Amendmenthttp://billstatus.ls.state.ms.us/documents/2020/html/sam/HB1729_S_Cmte_Amend_01.htm
Amendmenthttp://billstatus.ls.state.ms.us/documents/2020/html/sam/HB1729_S_Amend_01_to_Cmte_Amend_01.htm
Roll Callhttp://billstatus.ls.state.ms.us/2020/pdf/votes/house/1440003.pdf
Roll Callhttp://billstatus.ls.state.ms.us/2020/pdf/votes/senate/1690002.pdf
Roll Callhttp://billstatus.ls.state.ms.us/2020/pdf/votes/house/1720009.pdf

Bill Comments

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