HB1764 - Sales tax; revise rate regarding certain oil, gas and other mineral resources services, equipment and materials.

1 Co-Sponsor

An Act To Amend Section 27-65-17, Mississippi Code Of 1972, To Provide That Sales Of Equipment And Materials Used In Connection With Geophysical Surveying, Exploring, Developing, Drilling, Redrilling, Completing, Working Over, Producing, Distributing, Or Testing Of Oil, Gas And Other Mineral Resources Shall Be Taxed At The Rate Of Four And One-half Percent, And That Operators That Rebill Sales Of Equipment And Materials To Nonoperating Working Interest Owners On Behalf Of A Joint Account Through The Joint Interest Billing (jib), Where The Sales Tax Has Been Paid Or Accrued By The Operator Shall Not Be Charged A Sales Tax On The Jib As Services Income; To Amend Section 27-65-21, Mississippi Code Of 1972, To Remove From The Contractor's Tax Contracts Exceeding $10,000.00 For The Redrilling, Or Working Over, Or Of Drilling Or Completing An Oil Well Or A Gas Well; To Amend Section 27-65-23, Mississippi Code Of 1972, To Revise The Sales Tax Imposed On Various Services To Provide For A Tax Rate Of Four And One-half Percent On Income From Services Performed In Connection With Geophysical Surveying, Exploring, Developing, Drilling, Redrilling, Completing, Working Over, Producing, Distributing, Or Testing Of Oil, Gas And Other Mineral Resources, Including Overhead Services, And That Operators That Rebill Sales Of Equipment And Materials To Nonoperating Working Interest Owners On Behalf Of A Joint Account Through The Joint Interest Billing (jib), Where The Sales Tax Has Been Paid Or Accrued By The Operator Shall Not Be Charged A Sales Tax On The Jib As Services Income; And For Related Purposes.