l9n/ Mississippi

2009 Regular Session

Senate Bill 3272

Inventory tax; authorize a tax credit for.

Did not become law. It stopped in the House of Representatives's Ways and Means Committee on March 17, 2009. The 2009 session has ended.

What it does

The synopsis the Legislature published with the bill.

AN ACT TO CREATE THE INVENTORY TAX REDUCTION ACT; TO ALLOW TAXPAYERS A CREDIT AGAINST INVENTORY TAX THAT SHALL BEGIN IN A CALENDAR YEAR AFTER A CERTAIN AMOUNT OF GROWTH IN STATE GENERAL FUND REVENUE OCCURS; TO INCREASE THE CREDIT EACH CALENDAR YEAR THEREAFTER UNTIL THE AMOUNT OF THE CREDIT EQUALS 50% OF THE AD VALOREM TAX IMPOSED ON THE INVENTORY OF THE TAXPAYER; TO CREATE THE INVENTORY TAX REDUCTION FUND, INTO WHICH SHALL BE DEPOSITED AN AMOUNT APPROPRIATED ANNUALLY BY THE LEGISLATURE THAT IS NECESSARY TO PAY COUNTIES FOR THE ANNUAL REDUCTION IN INVENTORY TAX REVENUE INCURRED BY LOCAL TAXING DISTRICTS IN THE COUNTY AS A RESULT OF THE TAX CREDIT; TO PROVIDE THAT THE STATE TAX COMMISSION SHALL MAKE PAYMENTS FROM THE INVENTORY TAX REDUCTION FUND TO THE COUNTY TAX COLLECTORS FOR DISTRIBUTION TO THE LOCAL TAXING DISTRICTS AS REIMBURSEMENT FOR INVENTORY TAXES THAT ARE LOST EACH FISCAL YEAR AS A RESULT OF THE INVENTORY TAX CREDIT AUTHORIZED BY THIS ACT; TO PROVIDE THAT THE AMOUNT THAT EACH LOCAL TAXING DISTRICT WILL RECEIVE UNDER THIS SECTION SHALL BE DETERMINED BY THE STATE TAX COMMISSION BASED ON DOCUMENTATION PROVIDED BY THE TAX COLLECTORS UNDER GUIDELINES ESTABLISHED BY THE COMMISSION; FUNDS RECEIVED BY LOCAL TAXING DISTRICTS FROM SUCH PAYMENTS SHALL BE CONSIDERED TO BE, AND SHALL BE USED IN THE SAME MANNER AS, THE PROCEEDS OF INVENTORY TAXES; TO AMEND SECTION 27-7-22.5, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT TAXPAYERS UTILIZING THE INCOME TAX CREDIT AUTHORIZED BY THIS SECTION SHALL NOT BE ELIGIBLE FOR THE INVENTORY TAX CREDIT AUTHORIZED BY THIS ACT; 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

3 co-sponsors

Bob M. Dearing, Dean Kirby, Michael Watson

Its course

February 20 to March 17, 2009, 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 action7 actions on 5 days

In the SenateFeb 20 to Feb 255 days

FinanceFeb 20 to Feb 244 days

In the House of RepresentativesFeb 25 to Mar 17 · stopped20 days

Ways and MeansFeb 26 to Mar 17 · stopped19 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 Senate Feb 20 – Feb 25

  1. Feb 20Referred to the Senate committee on Finance
  2. Feb 24Reported from committee in the Senate: title sufficient, do pass as a committee substitute
  3. Feb 25Committee substitute adopted in the Senate
  4. Passed the Senate

In the House of Representatives Feb 26 – Mar 17

  1. Feb 26Sent to the House
  2. Referred to the House committee on Ways and Means
  3. Mar 17Died in committee in the House
All 7 actions, as published
  1. Feb 20Referred To FinanceSenate
  2. Feb 24Title Suff Do Pass Comm SubSenate
  3. Feb 25Committee Substitute AdoptedSenate
  4. Feb 25PassedSenate
  5. Feb 26Transmitted To HouseSenate
  6. Feb 26Referred To Ways and MeansHouse of Representatives
  7. Mar 17Died In CommitteeHouse of Representatives