MS SB3032

Authorizes motor vehicle manufacturers operating qualifying projects to apply for permits from the Department of Revenue to issue special license tags for vehicles leased to employees under an employee incentive program, with an annual permit fee of $1,000.00.

Manufacturers must pay $100.00 per tag issued in lieu of ad valorem taxes, plus a $3.75 tag fee, with tags valid for one year from lease date or lease term, whichever is shorter.

Revenue from the $100.00 per-tag fees is deposited into a special state fund and distributed monthly by the 10th of each month to county tax collectors for payment to local taxing districts based on their proportional share of motor vehicle ad valorem tax revenue.

Funds received by local taxing districts shall be treated as and used in the same manner as motor vehicle ad valorem tax proceeds.

Amends Mississippi Code Section 27-51-41 to exempt motor vehicles leased by manufacturers to employees under employee incentive programs from ad valorem taxation, effective July 1, 2018.