HB1984 - Ad valorem tax; authorize a tax credit for certain refines 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 And Owning Oil, Gas Or Petroleum Products Located At Such Refinery Prior To Being Refined In The Process Of Being Refined At Such Refinery, Or Having Been Refined, At Such Refinery And 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 Applied And Used As An Income Tax Credit Under Section 27-7-22.5 May Not Be Applied And Used As A 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 Applied And Used As A Credit Under This Act May Not Be Applied And Used As An Income Tax Credit Under Such Section; To Amend Section 27-31-19, Mississippi Code Of 1972, Which Provides An Ad Valorem Tax Exemption For Oil, Gas And Petroleum Products Owned By A Person, Firm Or Corporation Operating A Refinery In The State, Which Are In Transit To Or Situated At Such Refinery For Refining Thereat, Are In The Process Of Being Refined At Such Refinery, Or Have Been Refined At Such Refinery And Are Still Owned By Or In The Hands Of The Refiner, To Clarify That The Exemption Does Not Extend To Finished Petroleum Products In Temporary Storage Outside The Refinery Property; And For Related Purposes.