MS HB618

Deletes the provision in Mississippi Code Section 27-67-7 that previously prohibited tax credits for sales or use taxes paid to another state on automobiles, trucks, truck-tractors, semitrailers, trailers, boats, travel trailers, motorcycles, and all-terrain cycles imported and first used in Mississippi.

Allows taxpayers to claim credits for sales and use taxes paid to other states on these vehicle and boat categories, subject to the same credit rules applied to other business property.

Credit eligibility requires that the tax rate paid to another state equals or exceeds Mississippi's rate; if lower, the difference must be paid to the state commissioner.

Applies retroactively to any pending claims, assessments, appeals, or suits related to use taxes accrued before the effective date.

Takes effect July 1, 2010.