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MS HB1446
Bill
Status
Failed
2/23/2011
Primary Sponsor
Percy Watson
Click for details
AI Summary
- Exempts rental equipment (leased under 365-day agreements) from ad valorem taxation if the lessor is subject to the new rental tax
- Imposes a 2% tax on gross proceeds from equipment rentals by businesses in specified NAICS codes (532310, 532412, 532490)
- Excludes from the tax: motor vehicle rentals, rent-to-own agreements, video rentals, and rentals between affiliated persons with common ownership exceeding 5%
- Requires the Department of Revenue to distribute tax proceeds by February 15 annually to counties based on rental situs, which then apportion funds to counties, municipalities, and school districts in the same proportion as ad valorem taxes would be distributed
- Takes effect July 1, 2011
Legislative Description
Rental equipment; exempt from ad valorem taxation and levy a tax in lieu of ad valorem taxation.
Last Action
Died In Committee
2/23/2011
Full Bill Text
No bill text available