Loading chat...
MS HB1714
Bill
Status
Failed
3/16/2010
Primary Sponsor
Percy Watson
Click for details
AI Summary
- Levies a 2% tax on gross proceeds for businesses renting equipment under rental agreements of 365 days or less in Mississippi
- Exempts rental equipment subject to the new tax from ad valorem (property) taxation
- Requires the Department of Revenue to distribute tax proceeds by February 15 each year to the county where the rental transactions occurred, based on the situs of the rental activity
- Counties must apportion received proceeds within 7 days among the county, municipality, and school districts in the same proportion that ad valorem taxes on the equipment would have been distributed based on respective millage rates
- Revenue received by counties and municipalities must be deposited in their general funds, while school districts may deposit in any designated fund; all proceeds count toward ad valorem tax growth limitations under existing state law
Legislative Description
Rental equipment; tax rental equipment and distribute revenue to local governments and exempt from ad valorem taxation.
Last Action
Died In Committee
3/16/2010
Full Bill Text
No bill text available