MS HB1984

Creates an ad valorem tax credit for persons, firms, or corporations operating refineries for oil, gas, or petroleum products located at the refinery before, during, or after the refining process, allowing the credit to be applied against other ad valorem taxes on refinery property.

Limits the tax credit to the amount of ad valorem taxes payable on the oil, gas, or petroleum products, with a maximum annual credit not exceeding the ad valorem tax liability on other refinery property in the same taxable year.

Excludes finished petroleum products in temporary storage at marketing bulk plants outside refinery property and retail service stations from eligibility for the tax credit.

Amends Section 27-7-22.5 to prevent ad valorem taxes used as a credit under this act from also being claimed as an income tax credit for manufacturers, distributors, wholesale or retail merchants.

Clarifies Section 27-31-19 to specify that the existing ad valorem tax exemption for refinery oil, gas, and petroleum products does not apply to finished products in temporary storage outside refinery property.