Loading chat...
MS HB1273
Bill
Status
2/27/2013
Primary Sponsor
Jeffrey Smith
Click for details
AI Summary
-
Increases the contractors' tax rate from 3.5% to 4.5% of total contract price or compensation received for construction and related activities.
-
Raises the compensation threshold triggering the tax from $10,000 to $100,000, meaning contractors only owe tax when contract compensation exceeds $100,000.
-
Treats free-standing furniture, appliances, and similar tangible personal property as component parts of structures (subject to contractors' tax rather than sales tax) when the base contract price exceeds $100,000 and the property is included in the contract price.
-
Increases the contract amount requiring advance tax payment or a surety bond from $75,000 to $100,000.
-
Effective October 1, 2013.
Legislative Description
Contractor's tax; increase rate, increase contract amount needed to be eligible for and include certain personal property under.
Last Action
Died In Committee
2/27/2013