MS HB1579

Amends Section 27-65-21, Mississippi Code of 1972, to add "completing" an oil well or gas well to the list of activities subject to a 3.5% contractor's tax when compensation exceeds $10,000.

The tax applies to persons engaging in the business of contracting or performing contracts for redrilling, working over, drilling, or completing oil or gas wells, regardless of whether the well is productive or nonproductive.

Defines key terms including "operator," "bottom-hole contribution," "dry-hole contribution," "turnkey drilling contract," and "total contract price or compensation received" for purposes of calculating taxable amounts.

Takes effect July 1, 2015.