l9n/ Mississippi

2008 Regular Session

Senate Bill 2994

Qualified equity investment tax credit; require fee with application for, revise time in which investment must be issued.

Did not become law. It stopped in the House of Representatives on April 1, 2008. The 2008 session has ended.

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 TERM "APPLICABLE PERCENTAGE" 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 CLARIFY THE MANNER IN WHICH TAX CREDITS AUTHORIZED BY THIS SECTION THAT ARE EARNED BY A PARTNERSHIP, LIMITED LIABILITY COMPANY, S CORPORATION OR OTHER SIMILAR PASS-THROUGH ENTITY, SHALL BE ALLOCATED AMONG ALL PARTNERS, MEMBERS OR SHAREHOLDERS; 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 EQUITY 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 Senate

1 co-sponsor

John Horhn

Its course

February 4 to April 1, 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 action9 actions on 8 days

In the SenateFeb 4 to Mar 1237 days

FinanceFeb 4 to Mar 1136 days

In the House of RepresentativesMar 12 to Apr 1 · stopped20 days

Ways and MeansMar 14 to Mar 2612 days

Amendments

Each amendment offered, and what became of it.

  • Senate floor amendmentPending

  • House of Representatives committee amendmentPending

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 Senate Feb 4 – Mar 12

  1. Feb 4Referred to the Senate committee on Finance
  2. Mar 11Reported from committee in the Senate: title sufficient, do pass as a committee substitute
  3. Mar 12Committee substitute adopted in the Senate
  4. Passed the Senate

In the House of Representatives Mar 13 – Apr 1

  1. Mar 13Sent to the House
  2. Mar 14Referred to the House committee on Ways and Means
  3. Mar 26Reported from committee in the House: title sufficient, do pass as amended
  4. Mar 27Read the third time in the House
  5. Apr 1Died on the calendar in the House
All 9 actions, as published
  1. Feb 4Referred To FinanceSenate
  2. Mar 11Title Suff Do Pass Comm SubSenate
  3. Mar 12Committee Substitute AdoptedSenate
  4. Mar 12PassedSenate
  5. Mar 13Transmitted To HouseSenate
  6. Mar 14Referred To Ways and MeansHouse of Representatives
  7. Mar 26Title Suff Do Pass As AmendedHouse of Representatives
  8. Mar 27Read the Third TimeHouse of Representatives
  9. Apr 1Died On CalendarHouse of Representatives