House Bill 1729

AN ACT TO AMEND SECTION 27-7-22.31, MISSISSIPPI CODE OF 1972, WHICH AUTHORIZES AN INCOME TAX CREDIT FOR COSTS AND EXPENSES INCURRED FOR THE REHABILITATION OF CERTAIN HISTORIC STRUCTURES; TO REMOVE THE PROVISION THAT AUTHORIZES A TAXPAYER TO ELECT TO RECEIVE A 75% REBATE ON THE AMOUNT OF THE CREDIT IN EXCESS OF $250,000.00 IN LIEU OF THE TEN-YEAR CARRYFORWARD SO AS TO ALLOW THE TAXPAYER TO ELECT TO RECEIVE A REBATE ON 75% OF THE TOTAL AMOUNT OF THE CREDIT IN LIEU OF THE TEN-YEAR CARRYFORWARD; TO INCREASE BY $60,000,000.00 THE MAXIMUM AGGREGATE AMOUNT OF TAX CREDITS THAT MAY BE AWARDED UNDER THIS SECTION; TO GRANT PRIORITY FOR THE TAX CREDIT TO TAXPAYERS WHO WERE ISSUED A CERTIFICATE EVIDENCING THE ELIGIBLE CREDIT PRIOR TO JULY 1, 2020; TO PROVIDE THAT THE TAX CREDIT SHALL APPLY TO TAXPAYERS WHO HAVE BEEN ISSUED A CERTIFICATE EVIDENCING THE ELIGIBLE CREDIT BEFORE DECEMBER 31, 2030, OR WHO, BEFORE DECEMBER 31, 2030, HAVE RECEIVED A DETERMINATION IN WRITING FROM THE MISSISSIPPI DEPARTMENT OF ARCHIVES AND HISTORY THAT THE REHABILITATION IS CONSISTENT WITH THE HISTORIC CHARACTER OF THE PROPERTY AND THAT THE PROPERTY MEETS THE UNITED STATES SECRETARY OF THE INTERIOR'S STANDARDS FOR REHABILITATION AND WHO ARE ISSUED A CERTIFICATE EVIDENCING THE ELIGIBLE CREDIT ON OR AFTER DECEMBER 31, 2030; TO AMEND SECTION 27-7-22.41, MISSISSIPPI CODE OF 1972, WHICH AUTHORIZES AN INCOME TAX CREDIT FOR VOLUNTARY CASH CONTRIBUTIONS BY BUSINESS ENTERPRISES TO ELIGIBLE CHARITABLE ORGANIZATIONS, TO INCREASE THE AGGREGATE AMOUNT OF THE CREDITS THAT MAY BE AWARDED DURING A CALENDAR YEAR; TO REVISE CERTAIN PROVISIONS RELATING TO THE ALLOCATION OF SUCH CREDITS; TO AMEND SECTION 27-7-22.39, MISSISSIPPI CODE OF 1972, WHICH AUTHORIZES SEPARATE INCOME TAX CREDITS FOR VOLUNTARY CASH CONTRIBUTIONS TO QUALIFYING CHARITABLE ORGANIZATIONS AND QUALIFYING FOSTER CARE CHARITABLE ORGANIZATIONS, TO DECREASE THE AGGREGATE AMOUNT OF THE CREDITS THAT MAY BE AWARDED IN A CALENDAR YEAR; TO PROVIDE THAT ANY TAX CREDITS NOT AWARDED UNDER THIS SECTION DURING CALENDAR YEAR 2020, MAY BE ALLOCATED DURING CALENDAR YEAR 2020 UNDER SECTION 27-7-22.41 FOR CONTRIBUTIONS BY TAXPAYERS TO CERTAIN ELIGIBLE CHARITABLE ORGANIZATIONS; TO EXTEND THE DATE OF THE REPEALER ON THAT SECTION OF LAW; TO AMEND SECTION 27-7-22.32, MISSISSIPPI CODE OF 1972, WHICH AUTHORIZES AN INCOME TAX CREDIT FOR EXPENSES INCURRED FOR THE ADOPTION OF A CHILD, TO EXTEND THE DATE OF THE REVERTER ON THE PROVISION OF LAW THAT INCREASES THE MAXIMUM AMOUNT OF THE TAX CREDIT FROM $2,500.00 TO $5,000.00 PER CHILD AND THE PROVISION THAT AUTHORIZES AN INCOME TAX CREDIT FOR A CHILD ADOPTED THROUGH THE MISSISSIPPI DEPARTMENT OF CHILD PROTECTION SERVICES; TO AMEND SECTION 27-65-101, MISSISSIPPI CODE OF 1972, TO EXTEND UNTIL JULY 1, 2025, THE SALES TAX EXEMPTION ON SALES OF EQUIPMENT TO TELECOMMUNICATIONS ENTERPRISES THAT IS USED IN THE DEPLOYMENT OF BROADBAND TECHNOLOGIES; TO AMEND SECTION 57-87-5, MISSISSIPPI CODE OF 1972, TO EXTEND UNTIL JULY 1, 2025, THE INCOME TAX CREDIT AND CORPORATION FRANCHISE TAX CREDIT AUTHORIZED FOR TELECOMMUNICATIONS ENTERPRISES FOR THE COST OF EQUIPMENT USED IN THE DEPLOYMENT OF BROADBAND TECHNOLOGIES; TO AMEND SECTION 57-87-7, MISSISSIPPI CODE OF 1972, TO EXTEND UNTIL JULY 1, 2025, THE AD VALOREM TAX EXEMPTION FOR EQUIPMENT USED IN THE DEPLOYMENT OF BROADBAND TECHNOLOGIES BY TELECOMMUNICATIONS ENTERPRISES; TO PROVIDE THAT CERTAIN TAX CREDITS SHALL NOT APPLY TO EQUIPMENT USED IN THE DEPLOYMENT OF BROADBAND TECHNOLOGIES IF SUCH EQUIPMENT WAS PAID FOR, OR ITS COST WAS REIMBURSED BY, FUNDS MADE AVAILABLE UNDER THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY (CARES) ACT; AND FOR RELATED PURPOSES.

In the House of Representatives

• John Thomas "Trey" Lamar, III

  Sponsor

• Senate committee amendmentPending

• Senate floor amendmentPending

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

In the House of Representatives May 28 – May 29

1. May 28Referred to the House committee on Ways and Means
2. Reported from committee in the House: title sufficient, do pass as a committee substitute
3. May 29Committee substitute adopted in the House
4. Passed the House

In the Senate Jun 1 – Jun 23

1. Jun 1Sent to the Senate
2. Jun 3Referred to the Senate committee on Finance
3. Jun 17Reported from committee in the Senate: title sufficient, do pass as amended
4. Jun 23Amended in the Senate
5. Passed the Senate as amended

Back in the House of Representatives Jun 25 – Jun 30

1. Jun 25Returned to the House to concur in the Senate's amendments
2. Jun 26Concurred in the House in the Senate's amendments
3. Jun 30Enrolled bill signed in the House

To the Governor Jun 30 – Jul 7

1. Jun 30Enrolled bill signed in the Senate
2. Jul 7Approved by the Governor