Senate Bill 3070

AN ACT TO PROVIDE FOR AN INCOME TAX AND INSURANCE PREMIUM TAX CREDIT FOR TAXPAYERS THAT PAY A QUALIFIED COMMUNITY DEVELOPMENT ENTITY FOR QUALIFIED EQUITY INVESTMENTS; TO DEFINE CERTAIN TERMS FOR THE PURPOSES OF THE TAX CREDIT; TO PROVIDE THAT THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO A CERTAIN PERCENTAGE OF THE ADJUSTED PURCHASE PRICE PAID TO THE QUALIFIED COMMUNITY DEVELOPMENT ENTITY FOR THE QUALIFIED EQUITY INVESTMENT; TO PROVIDE THAT THE MAXIMUM AGGREGATE AMOUNT OF THE CREDITS THAT MAY BE ALLOCATED TO ALL TAXPAYERS IN ANY ONE STATE FISCAL YEAR SHALL NOT EXCEED $48,000,000.00 AND THAT THE CREDITS SHALL BE ALLOCATED BY THE MISSISSIPPI DEVELOPMENT AUTHORITY; TO PROVIDE FOR THE RECAPTURE OF ALL OR A PORTION OF THE CREDIT UNDER CERTAIN CIRCUMSTANCES; TO DEFINE THE TERMS "NEW MARKETS TAX CREDIT TRANSACTION," "PUBLIC BENEFIT CORPORATION," "PUBLIC ENTITY OR PUBLIC ENTITIES" AND "PUBLIC PROPERTY OR FACILITIES"; TO AUTHORIZE PUBLIC ENTITIES TO CREATE PUBLIC BENEFIT CORPORATIONS FOR THE PURPOSE OF ENTERING INTO FINANCING AGREEMENTS AND ENGAGING IN NEW MARKETS TAX CREDIT TRANSACTIONS; TO AUTHORIZE PUBLIC ENTITIES TO ENTER INTO FINANCING ARRANGEMENTS IN ORDER TO TRANSFER PUBLIC PROPERTY OR FACILITIES TO OR FROM PUBLIC BENEFIT CORPORATIONS; TO AUTHORIZE PUBLIC ENTITIES AND PUBLIC BENEFIT CORPORATIONS, WITH RESPECT TO NEW MARKETS TAX CREDIT TRANSACTIONS, TO ENTER INTO FINANCING ARRANGEMENTS WITH GOVERNMENTAL, NONPROFIT OR FOR PROFIT ENTITIES IN ORDER TO LEVERAGE FUNDS NOT OTHERWISE AVAILABLE TO PUBLIC ENTITIES FOR THE ACQUISITION, CONSTRUCTION OR RENOVATION OF PROPERTIES TRANSFERRED TO A PUBLIC BENEFIT CORPORATION; TO AMEND SECTION 27-15-129, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE INVESTMENTS THAT MAY REDUCE A TAXPAYER'S INSURANCE PREMIUM TAX LIABILITY UNDER SUCH SECTION SHALL NOT INCLUDE ANY INVESTMENT FOR WHICH A TAX CREDIT IS ALLOCATED UNDER THIS ACT; TO AMEND SECTION 31-7-13, MISSISSIPPI CODE OF 1972, TO CONFORM TO THE PROVISIONS OF THIS ACT; AND FOR RELATED PURPOSES.

In the Senate

• Chris Johnson

  Sponsor

• House of Representatives committee amendmentAdopted

  Adopted Apr 16

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

In the Senate Mar 20 – Mar 27

1. Mar 20Referred to the Senate committee on Finance
2. Mar 26Reported from committee in the Senate: title sufficient, do pass
3. Mar 27Passed the Senate

In the House of Representatives Mar 28 – Apr 16

1. Mar 28Sent to the House
2. Mar 29Referred to the House committee on Ways and Means
3. Apr 15Reported from committee in the House: title sufficient, do pass as amended
4. Apr 16Amended in the House
5. Passed the House as amended

Back in the Senate Apr 17 – May 14

1. Apr 17Returned to the Senate to concur in the House's amendments
2. Apr 18Declined in the Senate to concur, and invited a conference
3. Apr 24Conferees named in the Senate: Harkins, Johnson and Simmons (12th)
4. Apr 26Conferees named in the House: Lamar, Steverson and Powell
5. Apr 27Conference report filed in the Senate
6. Conference report filed in the House
7. Apr 28Recommitted in the Senate to the conferees for further conference
8. Apr 29Recommitted in the House to the conferees for further conference
9. Suspended from deadlines by House Concurrent Resolution 64
10. May 3Conference report filed in the Senate
11. Conference report filed in the House
12. Conference report adopted in the Senate
13. May 14Died in conference in the Senate