MS SB2832

Amends Section 27-65-21, Mississippi Code of 1972, to expand the definition of taxable activities for oil and gas wells to include "completing" a well in addition to drilling, redrilling, and working over operations.

Applies the 3-1/2% contractors' tax rate to costs of completing oil or gas wells when compensation exceeds $10,000, regardless of whether the well is productive or nonproductive.

Clarifies that "total contract price or compensation received" for oil and gas contractors includes all costs associated with completing a well under a turnkey drilling contract.

Takes effect July 1, 2015.