l9n/ Mississippi

2011 Regular Session

House Bill 1043

Ad valorem tax; provide a rebate to businesses that pay tax on inventory.

Did not become law. It stopped in the House of Representatives's Ways and Means Committee on February 1, 2011. The 2011 session has ended.

What it does

The synopsis the Legislature published with the bill.

AN ACT TO CREATE THE INVENTORY TAX REBATE ACT; TO PROVIDE THAT ANY MANUFACTURER, DISTRIBUTOR, WHOLESALE OR RETAIL MERCHANT WHO PAYS AD VALOREM TAXES IMPOSED ON COMMODITIES, PRODUCTS, GOODS, WARES AND MERCHANDISE HELD FOR RESALE, SHALL BE ENTITLED TO A REBATE IN AN AMOUNT EQUAL TO THE AMOUNT OF AD VALOREM TAXES SO PAID; TO CREATE IN THE STATE TREASURY A SPECIAL FUND TO BE KNOWN AS THE "INVENTORY TAX REBATE FUND"; TO REQUIRE THE LEGISLATURE TO APPROPRIATE A CERTAIN AMOUNT OF MONEY INTO THE FUND; TO PROVIDE THAT MONEY IN THE FUND SHALL BE USED BY THE DEPARTMENT OF REVENUE TO MAKE THE PAYMENTS REQUIRED BY THIS ACT; TO PROVIDE THE MANNER OF APPLYING FOR THE REBATE; TO PROVIDE THAT THE DEPARTMENT OF REVENUE SHALL VERIFY CLAIMS AND MAKE THE PAYMENTS TO ELIGIBLE BUSINESSES; TO CREATE A STUDY COMMITTEE TO REVIEW CURRENT LAW AND PROPOSED LEGISLATION ON AD VALOREM TAXATION OF BUSINESS INVENTORIES IN THIS STATE AND TO MAKE RECOMMENDATIONS TO THE LEGISLATURE WHICH IDENTIFY LONG-TERM STRATEGIES TO ELIMINATE AD VALOREM TAXATION OF BUSINESS INVENTORIES WHILE ENSURING THE LOCAL GOVERNMENTS DO NOT EXPERIENCE FISCAL HARM AS A RESULT OF THE ELIMINATION OF THE TAX; TO AMEND SECTION 27-7-22.5, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT BUSINESSES USING A CERTAIN INCOME TAX CREDIT SHALL NOT BE ELIGIBLE FOR THE REBATE; 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

1 co-sponsor

W. T. Mayhall, Jr.

Its course

January 17 to February 1, 2011, 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 action2 actions on 2 days

In the House of RepresentativesJan 17 to Feb 1 · stopped15 days

Ways and MeansJan 17 to Feb 1 · stopped15 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 Jan 17 – Feb 1

  1. Jan 17Referred to the House committee on Ways and Means
  2. Feb 1Died in committee in the House
All 2 actions, as published
  1. Jan 17Referred To Ways and MeansHouse of Representatives
  2. Feb 1Died In CommitteeHouse of Representatives