House Bill 1984

AN ACT TO AUTHORIZE AN AD VALOREM TAX CREDIT FOR A PERSON, FIRM OR CORPORATION OPERATING A REFINERY AND OWNING OIL, GAS OR PETROLEUM PRODUCTS LOCATED AT SUCH REFINERY PRIOR TO BEING REFINED IN THE PROCESS OF BEING REFINED AT SUCH REFINERY, OR HAVING BEEN REFINED, AT SUCH REFINERY AND STORED AT SUCH REFINERY; TO PROVIDE THAT THE TAX CREDIT SHALL BE FOR THE AMOUNT OF ALL AD VALOREM TAXES PAYABLE THAT ARE ATTRIBUTABLE TO SUCH OIL, GAS OR PETROLEUM PRODUCTS AND SHALL BE APPLIED AGAINST OTHER AD VALOREM TAXES PAYABLE ON OTHER TAXABLE REFINERY PROPERTY OF THE PERSON, FIRM OR CORPORATION OPERATING THE REFINERY; TO PROVIDE THAT AD VALOREM TAXES APPLIED AND USED AS AN INCOME TAX CREDIT UNDER SECTION 27-7-22.5 MAY NOT BE APPLIED AND USED AS A CREDIT UNDER THIS ACT; TO AMEND SECTION 27-7-22.5, MISSISSIPPI CODE OF 1972, WHICH AUTHORIZES AN INCOME TAX CREDIT FOR ANY MANUFACTURER, DISTRIBUTOR, WHOLESALE OR RETAIL MERCHANT WHO PAYS AD VALOREM TAXES IMPOSED ON COMMODITIES, RAW MATERIALS, WORKS-IN-PROCESS, PRODUCTS, GOODS, WARES AND MERCHANDISE HELD FOR RESALE, TO PROVIDE THAT AD VALOREM TAXES APPLIED AND USED AS A CREDIT UNDER THIS ACT MAY NOT BE APPLIED AND USED AS AN INCOME TAX CREDIT UNDER SUCH SECTION; TO AMEND SECTION 27-31-19, MISSISSIPPI CODE OF 1972, WHICH PROVIDES AN AD VALOREM TAX EXEMPTION FOR OIL, GAS AND PETROLEUM PRODUCTS OWNED BY A PERSON, FIRM OR CORPORATION OPERATING A REFINERY IN THE STATE, WHICH ARE IN TRANSIT TO OR SITUATED AT SUCH REFINERY FOR REFINING THEREAT, ARE IN THE PROCESS OF BEING REFINED AT SUCH REFINERY, OR HAVE BEEN REFINED AT SUCH REFINERY AND ARE STILL OWNED BY OR IN THE HANDS OF THE REFINER, TO CLARIFY THAT THE EXEMPTION DOES NOT EXTEND TO FINISHED PETROLEUM PRODUCTS IN TEMPORARY STORAGE OUTSIDE THE REFINERY PROPERTY; AND FOR RELATED PURPOSES.

In the House of Representatives

• John Thomas "Trey" Lamar, III

  Sponsor

• Senate committee amendmentAdopted

  Adopted Apr 16

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

In the House of Representatives Mar 25 – Mar 27

1. Mar 25Referred to the House committee on Ways and Means
2. Mar 26Reported from committee in the House: title sufficient, do pass
3. Mar 27Passed the House

In the Senate Mar 28 – Apr 16

1. Mar 28Sent to the Senate
2. Apr 5Referred to the Senate committee on Finance
3. Apr 11Reported from committee in the Senate: title sufficient, do pass as amended
4. Apr 16Amended in the Senate
5. Passed the Senate as amended

Back in the House of Representatives Apr 17 – Apr 22

1. Apr 17Returned to the House to concur in the Senate's amendments
2. Apr 19Concurred in the House in the Senate's amendments
3. Apr 22Enrolled bill signed in the House

To the Governor Apr 23 – Apr 29

1. Apr 23Enrolled bill signed in the Senate
2. Apr 29Approved by the Governor