MS HB260

Finance charges and carrying charges are excluded from "gross proceeds of sales" for state sales tax purposes under Section 27-65-3.

Finance charges and carrying charges are excluded from "purchase price" or "sales price" for state use tax purposes under Section 27-67-3.

Engineering services performed by a professional engineer who is the general or prime contractor are exempt from the 3.5% contractor's tax under Section 27-65-21.

The bill also allows engineering service exemptions on projects exceeding $100,000,000 in total contract price.

Effective date is July 1, 2014.