MS SB2990

Reduces sales tax on equipment and materials used in oil, gas, and mineral resource operations from 7% to 4%

Eliminates 7% tax on services performed in connection with geophysical surveying, exploring, developing, drilling, producing, distributing, or testing of oil, gas, and other mineral resources, replacing it with 4% tax

Eliminates 3.5% contractor's tax on oil and gas well drilling, redrilling, completing, and working over contracts

Exempts operators from sales tax on joint interest billing (JIB) rebilled to nonoperating working interest owners when sales tax has already been paid by the operator

Effective July 1, 2024