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MS HB1404
Bill
Status
Failed
2/3/2015
Primary Sponsor
Mark Formby
Click for details
AI Summary
- Extends the repeal date of the income tax credit for upholstered household furniture manufacturing enterprises from January 1, 2016 to January 1, 2019
- Maintains the $2,000 annual tax credit per full-time employee working in new cut and sew jobs for a five-year period
- Allows taxpayers eligible for the credit prior to January 1, 2019 to continue claiming and carrying forward credits after that date
- Credit is limited to the enterprise's total state income tax liability and can be carried forward for five consecutive years if unused
- Effective date is July 1, 2015
Legislative Description
Income tax; extend repeal date on tax credit for new cut and sew jobs in upholstered household furniture manufacturing industry.
Last Action
Died In Committee
2/3/2015
Committee Referrals
Ways and Means1/19/2015
Full Bill Text
No bill text available