Mississippi House Bill 1043 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 2-0)
Status: Failed on February 1 2011 - 100% progression
Action: 2011-02-01 - Died In Committee
Text: Latest bill text (Introduced) [HTML]

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.

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

Rep. Wanda Jennings [R]

Rep. W.T. Mayhall [R]

Date	Chamber	Action
2011-02-01		Died In Committee
2011-01-17		Referred To Ways and Means

Type	Source
Summary	https://billstatus.ls.state.ms.us/2011/pdf/history/HB/HB1043.xml
Text	https://billstatus.ls.state.ms.us/documents/2011/html/HB/1000-1099/HB1043IN.htm