MS SB3070 | 2024 | Regular Session
Status
Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Failed on May 14 2024 - 100% progression
Action: 2024-05-14 - Died In Conference
Text: Latest bill text (Engrossed) [HTML]
Spectrum: Partisan Bill (Republican 1-0)
Status: Failed on May 14 2024 - 100% progression
Action: 2024-05-14 - Died In Conference
Text: Latest bill text (Engrossed) [HTML]
Summary
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.
Title
Income tax and insurance premium tax; authorize a credit for certain investments in qualified community development entities.
Sponsors
Roll Calls
2024-05-03 - Senate - Senate Conference Report Adopted (Y: 50 N: 0 NV: 2 Abs: 0) [PASS]
2024-04-16 - House - House Passed As Amended (Y: 121 N: 0 NV: 1 Abs: 0) [PASS]
2024-03-27 - Senate - Senate Passed (Y: 52 N: 0 NV: 0 Abs: 0) [PASS]
2024-04-16 - House - House Passed As Amended (Y: 121 N: 0 NV: 1 Abs: 0) [PASS]
2024-03-27 - Senate - Senate Passed (Y: 52 N: 0 NV: 0 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2024-05-14 | Senate | Died In Conference |
| 2024-05-03 | Senate | Conference Report Adopted |
| 2024-05-03 | House | Conference Report Filed |
| 2024-05-03 | Senate | Conference Report Filed |
| 2024-04-29 | Suspend from Deadlines by HC 64 | |
| 2024-04-29 | House | Recommitted For Further Conf |
| 2024-04-28 | Senate | Recommitted For Further Conf |
| 2024-04-27 | House | Conference Report Filed |
| 2024-04-27 | Senate | Conference Report Filed |
| 2024-04-26 | House | Conferees Named Lamar,Steverson,Powell |
| 2024-04-24 | Senate | Conferees Named Harkins,Johnson,Simmons (12th) |
| 2024-04-18 | Senate | Decline to Concur/Invite Conf |
| 2024-04-17 | House | Returned For Concurrence |
| 2024-04-16 | House | Passed As Amended |
| 2024-04-16 | House | Amended |
| 2024-04-15 | House | Title Suff Do Pass As Amended |
| 2024-03-29 | House | Referred To Ways and Means |
| 2024-03-28 | Senate | Transmitted To House |
| 2024-03-27 | Senate | Passed |
| 2024-03-26 | Senate | Title Suff Do Pass |
| 2024-03-20 | Senate | Referred To Finance |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 27 | 15 | 129 | Amended Code | See Bill Text |
| 31 | 7 | 13 | Amended Code | See Bill Text |
