Bill Text: MS HB1678 | 2016 | Regular Session | Introduced
Bill Title: Income tax; allow a credit to grocers for part of cost of purchasing locally grown or produced agricultural products.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2016-03-16 - Died In Committee [HB1678 Detail]
Download: Mississippi-2016-HB1678-Introduced.html
MISSISSIPPI LEGISLATURE
2016 Regular Session
To: Ways and Means
By: Representative Baria
House Bill 1678
AN ACT TO CREATE NEW SECTION 27-7-22.39, MISSISSIPPI CODE OF 1972, TO AUTHORIZE A STATE INCOME TAX CREDIT TO GROCERS FOR A PERCENTAGE OF THE COST OF PURCHASING LOCALLY GROWN OR PRODUCED AGRICULTURAL, AQUACULTURAL OR HORTICULTURAL PRODUCTS FOR SALE AT RETAIL FOR HUMAN CONSUMPTION; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. The following shall be codified as Section 27-7-22.39, Mississippi Code of 1972:
27-7-22.39. A credit is allowed against the tax imposed by this chapter to a grocer located in this state in the amount of twenty-five percent (25%) of the cost of purchasing for sale at retail for human consumption plant or animal agricultural, aquacultural or horticultural products that are grown, raised or produced in Mississippi. The credit allowed by this section shall not exceed the total state income tax liability of the grocer for the taxable year. The maximum cumulative amount of tax credits that may be claimed by all taxpayers claiming a credit under this subsection in any one (1) state fiscal year shall not exceed One Million Dollars ($1,000,000.00).
SECTION 2. This act shall take effect and be in force from and after January 1, 2016.
