MS SB3021

Exempts vessels used for exploration or production of oil, gas, and minerals offshore outside Mississippi from the 12-month ad valorem tax limitation while in possession of manufacturer, builder, or converter.

Exempts vessels converted from oil/gas exploration use to new service for use outside Mississippi from the 12-month ad valorem tax limitation, provided they meet operational and compliance requirements.

Limits vessel exemptions to a maximum of 3 years unless the county board of supervisors or municipal governing authority adopts a resolution or ordinance authorizing extension and setting a maximum exemption period.

Exempts sales of component materials, machinery, and processing equipment used in constructing facilities or converting natural sand into proppants for oil and gas exploration, with at least 95% of proppants used in horizontally drilled wells, if purchased within 3 months after initial startup or expansion.

Exempts sales of electricity, fuel, coal, natural gas, and other utilities to permanent enterprises engaged in proppant conversion upon completion of expansion, if expansion creates at least 85 full-time jobs with average annual wage of $60,000 and involves at least $80 million in new investment.