MS SB3161

Authorizes ad valorem tax credit for persons, firms, or corporations operating oil, gas, or petroleum refineries in Mississippi for taxes on refined products located at, being refined at, or stored at the refinery.

Tax credit equals all ad valorem taxes attributable to oil, gas, or petroleum products and may be applied against other ad valorem taxes on other taxable refinery property of the same operator, not to exceed the operator's total ad valorem tax liability for the year.

Prohibits use of the same ad valorem taxes as both a credit under this section and as a credit or deduction under existing Section 27-7-22.5 (income tax credit for manufacturers and merchants).

Assigns administration of the tax credit to county tax assessors and collectors where each refinery is located, who may apply credits against assessed values or determined but unbilled taxes.

Effective July 1, 2024, with a June 30, 2024 repeal date (likely a technical error in the bill text).