SB3161 - Ad valorem tax; authorize a tax credit for certain refineries of oil, gas and petroleum products.

1 Co-Sponsor

An Act To Authorize An Ad Valorem Tax Credit For A Person, Firm, Or Corporation Operating A Refinery For The Refining Of Oil, Gas Or Petroleum Products And Owning Oil, Gas Or Petroleum Products, Whether Produced Within Or Without The State, Which Are Located At Such A Refinery Prior To Being Refined, Are In The Process Of Being Refined At Such Refinery, Or Have Been Refined At Such Refinery And Are Stored At Such Refinery; To Provide That The Tax Credit Shall Be For The Amount Of All Ad Valorem Taxes Payable That Are Attributable To Such Oil, Gas, Or Petroleum Products And Shall Be Applied Against Other Ad Valorem Taxes Payable On Other Taxable Refinery Property Of The Person, Firm Or Corporation Operating The Refinery; To Provide That Ad Valorem Taxes That Are Applied And Used As A Tax Credit Under Section 27-7-22.5 May Not Be Applied And Used As An Income Credit Under This Act; To Amend Section 27-7-22.5, Mississippi Code Of 1972, Which Authorizes An Income Tax Credit For Any Manufacturer, Distributor, Wholesale Or Retail Merchant Who Pays Ad Valorem Taxes Imposed On Commodities, Raw Materials, Works-in-process, Products, Goods, Wares And Merchandise Held For Resale, To Provide That Ad Valorem Taxes That Are Applied And Used As A Tax Credit Under This Act May Not Be Applied And Used As An Income Credit Under Such Section; To Bring Forward Section 27-31-19, Mississippi Code Of 1972, Which Provides An Ad Valorem Tax Exemption For Oil, Gas, And Petroleum Products, Whether Produced Within Or Without The State, Which Are Owned By A Person, Firm, Or Corporation Operating A Refinery For The Refining Of Oil, Gas Or Petroleum Products In The State, Which Are In Transit To Or Situated At Such A Refinery For Refining Thereat, Are In The Process Of Being Refined At Such A Refinery Or Have Been Refined At Such Refinery And Are Still Owned By Or In The Hands Of The Refiner, For The Purposes Of Possible Amendment; And For Related Purposes.