HB1903: Taxation; revise various tax credits and exemptions.

Legislative Summary

An Act To Amend Section 27-7-22.41, Mississippi Code Of 1972, Which Provides An Income Tax Credit, Insurance Premium Tax Credit And Ad Valorem Tax Credit For Contributions Made By Certain Taxpayers To Certain Eligible Charitable Organizations, To Increase The Maximum Aggregate Amount Of Tax Credits That May Be Allocated By The Department Of Revenue Under This Section During A Calendar Year; To Revise Certain Provisions Relating To The Ad Valorem Tax Credit For Contributions Made To Such Organizations; To Amend Section 57-105-1, Mississippi Code Of 1972, To Extend Until July 1, 2029, The Date After Which The Mississippi Development Authority Shall Not Allocate Income Tax And Insurance Premium Tax Credits For Taxpayers Holding Certain Qualified Investments; To Amend Section 57-87-5, Mississippi Code Of 1972, To Amend The Definition Of "equipment Used In The Deployment Of Broadband Technologies" For Purposes Of The Credit Against Income Tax And Corporation Franchise Tax Liability Of Telecommunications Enterprises For Certain Investments Made In Such Equipment, And For Purposes Of The Ad Valorem Tax Exemption For Such Equipment Placed In Service In A Certain Time Period; To Limit The Aggregate Amount Of Income Tax And Corporation Franchise Tax Credits That May Be Claimed During A Calendar Year; To Amend Section 57-87-7, Mississippi Code Of 1972, To Specify The Equipment Placed In Service After June 30, 2025, And Before July 1, 2030, That Is Eligible For The Ad Valorem Tax Exemption; To Require A Taxpayer To Submit A Certified, Sworn Description Of The Equipment To The Tax Assessor Of The County In Which Such Equipment Is Located, On Or Before April 1 Of The First Assessment Year In Which The Exemption Is Being Claimed; To Amend Section 27-65-101, Mississippi Code Of 1972, To Revise The Definition Of "equipment Used In The Deployment Of Broadband Technologies" For Purposes Of The Industrial Sales Tax Exemption For Sales Of Such Equipment; To Authorize A Credit Against Income And Insurance Premium Taxes For Voluntary Cash Contributions By Certain Business Enterprises To Certain Tax-exempt Organizations Operating As Members Of A Statewide Alliance, Offering Programs To Advance Mississippi Youth In Education Achievement, Physical Development And Social/emotional Development While Also Supporting Workforce Development; To Authorize A Credit Against Ad Valorem Taxes On Real Property For Such Contributions By Certain Business Organizations Not Operating As Corporations; To Limit The Amount Of The Credits; To Allow Excess Amounts Of The Credit To Be Carried Forward For Five Consecutive Years; And For Related Purposes.