Bill Text: MS HB952 | 2013 | Regular Session | Engrossed
Bill Title: University Research Center; require report compiling and analyzing costs associated with certain reductions in state revenue.
Spectrum: Bipartisan Bill
Status: (Failed) 2013-03-13 - Died On Calendar [HB952 Detail]
Download: Mississippi-2013-HB952-Engrossed.html
MISSISSIPPI LEGISLATURE
2013 Regular Session
To: Ways and Means
By: Representatives Mayo, Scott
House Bill 952
(As Passed the House)
AN ACT TO REQUIRE THE UNIVERSITY RESEARCH CENTER TO PREPARE A REPORT, FOR SUBMISSION TO THE MISSISSIPPI STATE LEGISLATURE EVERY FOUR YEARS, THAT COMPILES AND ANALYZES THE COSTS ASSOCIATED WITH AUTHORIZING ANY KIND OF REDUCTION IN STATE TAX REVENUE; TO REQUIRE CERTAIN AGENCIES TO WORK WITH THE UNIVERSITY RESEARCH CENTER IN PREPARING THE REPORT; TO PROVIDE THAT THE REPORT SHALL ANALYZE EVERY PROVISION EXEMPTING A SPECIFIC CLASS OF PERSONS, INCOME, GOODS, SERVICES OR PROPERTY FROM THE IMPACT OF ESTABLISHED STATE TAXES, INCLUDING TAX CREDITS, DEDUCTIONS, ALLOWANCES, EXCLUSIONS, EXEMPTIONS AND INCENTIVES; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. (1) Beginning July 1, 2014, and every four (4) years thereafter, the University Research Center shall prepare and submit to the Mississippi State Legislature a report that compiles and analyzes the costs associated with authorizing any kind of reduction in state tax revenue. The University Research Center shall work with the Mississippi Development Authority, the Department of Revenue, the Joint Legislative Committee on Performance Evaluation and Expenditure Review, and any other state agency it deems beneficial, to collect information for and to prepare the annual report, and those entities shall fully cooperate with the University Research Center in that regard. The report shall collect and compile the relevant data for the four (4) previous fiscal years, with the last of those fiscal years ending in the next preceding calendar year.
(2) The report shall analyze every statutory provision or state agency regulation which exempts, in whole or in part, any specific class or classes of persons, income, goods, services or property from the impact of established state taxes. This analysis shall include tax credits, tax deductions, tax allowances, tax exclusions, tax exemptions, and any other types of tax incentives. The analysis shall calculate the total amount of direct state tax revenue foregone by the state as a result of such tax measures, as well as any positive economic impact resulting in increased tax revenue because of the creation of primary and auxiliary jobs that may have been gained as a result of a specific tax measure.
SECTION 2. This act shall take effect and be in force from and after July 1, 2013.
