l9n/ Mississippi

2008 Regular Session

House Bill 1662

Qualified equity investment tax credit; revise determination of credit and other provisions regarding.

Became law as Chapter 456, Laws of 2008, signed April 10, 2008, 31 days after it was filed.

What it does

The synopsis the Legislature published with the bill.

AN ACT TO AMEND SECTION 57-105-1, MISSISSIPPI CODE OF 1972, TO REVISE THE DEFINITION OF THE TERMS "APPLICABLE PERCENTAGE" AND "CREDIT ALLOWANCE DATE" FOR PURPOSES OF THE INCOME TAX CREDIT FOR TAXPAYERS HOLDING QUALIFIED EQUITY INVESTMENTS; TO CLARIFY THE YEARS BEYOND WHICH SUCH CREDIT MAY BE CARRIED FORWARD; TO PROVIDE THAT ONE-THIRD OF THE MAXIMUM AMOUNT OF THE CREDIT THAT MAY BE ALLOCATED BY THE MISSISSIPPI DEVELOPMENT AUTHORITY IN ANY ONE FISCAL YEAR MAY BE FOR INSURANCE PREMIUM TAXES; TO PROVIDE THAT TAX CREDITS EARNED BY A PARTNERSHIP, LIMITED LIABILITY COMPANY, S CORPORATION OR OTHER SIMILAR PASS-THROUGH ENTITY, SHALL BE ALLOCATED AMONG ALL PARTNERS, MEMBERS OR SHAREHOLDERS, RESPECTIVELY, EITHER IN PROPORTION TO THEIR OWNERSHIP INTEREST IN SUCH ENTITY OR AS THE PARTNERS, MEMBERS OR SHAREHOLDERS MUTUALLY AGREE; TO REQUIRE THAT A QUALIFIED COMMUNITY DEVELOPMENT ENTITY SUBMIT AN APPLICATION FEE TO THE MISSISSIPPI DEVELOPMENT AUTHORITY WHEN APPLYING FOR TAX CREDITS FOR QUALIFIED EQUITY INVESTMENTS TAX CREDITS; TO REVISE THE TIME IN WHICH A QUALIFIED COMMUNITY DEVELOPMENT ENTITY MUST ISSUE A QUALIFIED EQUITY INVESTMENT AFTER THE MISSISSIPPI DEVELOPMENT AUTHORITY ALLOCATES A TAX CREDIT FOR SUCH INVESTMENT; TO PROVIDE THAT IF UPON FINAL DOCUMENTATION OF THE QUALIFIED LOW-INCOME COMMUNITY INVESTMENTS THE AMOUNT OF THE INVESTMENTS IS LOWER THAN THE AMOUNT ESTIMATED THE MISSISSIPPI DEVELOPMENT AUTHORITY SHALL ADJUST THE TAX CREDIT; AND FOR RELATED PURPOSES.

Sponsors

Who carried the bill in each chamber, and who signed on. Each name leads to the member's page.

In the House of Representatives

2 co-sponsors

Walter L. Robinson, Jr., Percy W. Watson

Its course

March 10 to April 10, 2008, on one scale. In the top row each mark is a day something happened; taller marks are busier days.

Each committee stop sits inside its chamber.

Every action12 actions on 10 days

In the House of RepresentativesMar 10 to Mar 122 days

Ways and MeansMar 10 to Mar 111 day

In the SenateMar 12 to Apr 120 days

FinanceMar 14 to Mar 2713 days

With the GovernorApr 1 to Apr 109 days

Text

Each version as the Legislature printed it.

l9n doesn't hold this bill's text yet.

What happened

In l9n's words, one line for each step. Every action as the Legislature published it is below.

In the House of Representatives Mar 10 – Mar 12

  1. Mar 10Referred to the House committee on Ways and Means
  2. Mar 11Reported from committee in the House: title sufficient, do pass as a committee substitute
  3. Mar 12Committee substitute adopted in the House
  4. Passed the House

In the Senate Mar 13 – Apr 1

  1. Mar 13Sent to the Senate
  2. Mar 14Referred to the Senate committee on Finance
  3. Mar 27Reported from committee in the Senate: title sufficient, do pass
  4. Apr 1Passed the Senate

To the Governor Apr 2 – Apr 10

  1. Apr 2Returned to the House for enrolling
  2. Apr 3Enrolled bill signed in the House
  3. Enrolled bill signed in the Senate
  4. Apr 10Approved by the Governor
All 12 actions, as published
  1. Mar 10Referred To Ways and MeansHouse of Representatives
  2. Mar 11Title Suff Do Pass Comm SubHouse of Representatives
  3. Mar 12Committee Substitute AdoptedHouse of Representatives
  4. Mar 12PassedHouse of Representatives
  5. Mar 13Transmitted To SenateHouse of Representatives
  6. Mar 14Referred To FinanceSenate
  7. Mar 27Title Suff Do PassSenate
  8. Apr 1PassedSenate
  9. Apr 2Transmitted To HouseSenate
  10. Apr 3Enrolled Bill SignedHouse of Representatives
  11. Apr 3Enrolled Bill SignedSenate
  12. Apr 10Approved by GovernorGovernor