Bill Text: MS HB1708 | 2016 | Regular Session | Introduced

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Bill Title: Corporation franchise tax; authorize a credit for costs incurred by taxpayer for participation in Mississippi Emergency Access Program.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2016-03-16 - Died In Committee [HB1708 Detail]

Download: Mississippi-2016-HB1708-Introduced.html

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MISSISSIPPI LEGISLATURE

2016 Regular Session

To: Ways and Means

By: Representative Coleman

House Bill 1708

AN ACT TO AUTHORIZE A CORPORATION FRANCHISE TAX CREDIT FOR TAXPAYERS WHO INCUR COSTS FOR PARTICIPATION IN THE MISSISSIPPI EMERGENCY ACCESS PROGRAM; TO PROVIDE THE AMOUNT OF THE TAX CREDIT; AND FOR RELATED PURPOSES.

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

     SECTION 1.  Subject to the provisions of this section, a taxpayer who incurs costs for participation in the Mississippi Emergency Access Program (MEAP) shall be allowed a credit against the taxes imposed under this chapter.  The credit shall be for an amount equal to the lesser of Five Hundred Dollars ($500.00) or the amount of costs incurred by the taxpayer during the taxable year for participation in the MEAP.  However, the tax credit shall not exceed the total tax liability of the taxpayer under this chapter for the taxable year. 

     SECTION 2.  Section 1 of this act shall be codified as a new  section in Chapter 13, Title 27, Mississippi Code of 1972.

     SECTION 3.  This act shall take effect and be in force from and after January 1, 2016.