MS HB1348

Phases out sales tax on truck-tractors and semitrailers used in interstate commerce and registered under the International Registration Plan (IRP), reducing from 3% to 0% over five years beginning July 1, 2014, with full exemption effective July 1, 2019.

Reduces sales tax on equipment and parts/labor for highway, road, and bridge construction by licensed contractors from 7% to 1.5% in five annual steps beginning July 1, 2014, with full reduction to 1.5% effective July 1, 2019.

Tax reduction for highway construction equipment applies only to contractors using equipment solely for construction, reconstruction, repair, rehabilitation, and resurfacing of highways, roads, or bridges in Mississippi.

Amends Mississippi Code sections 27-65-17 and 27-65-101 to establish the phased tax reductions and add exemption provisions effective July 1, 2019.