AN ACT TO AMEND SECTION 27-7-22.5, MISSISSIPPI CODE OF 1972, WHICH PROVIDES AN INCOME TAX CREDIT FOR AD VALOREM TAXES PAID ON COMMODITIES, RAW MATERIALS, WORKS-IN-PROCESS, PRODUCTS, GOODS, WARES AND MERCHANDISE HELD FOR RESALE BY ANY MANUFACTURER, DISTRIBUTOR, WHOLESALE OR RETAIL MERCHANT, TO ALLOW A TAXPAYER, IN LIEU OF CARRYING FORWARD A CREDIT CLAIMED BUT NOT USED IN A TAXABLE YEAR, TO SELL SUCH CREDIT ON THE MARKET DURING THE FIVE CONSECUTIVE YEARS FROM THE CLOSE OF THE TAX YEAR IN WHICH THE CREDIT WAS EARNED; TO ALLOW THE OPTION, IN LIEU OF CLAIMING THE CREDIT, OF CLAIMING A REBATE OF 75% OF THE AMOUNT THAT WOULD BE ELIGIBLE TO CLAIM AS A CREDIT; TO REPEAL SECTION 27-17-9, MISSISSIPPI CODE OF 1972, WHICH IMPOSES LOCAL PRIVILEGE LICENSE REQUIREMENTS AND TAXES FOR ENGAGING IN BUSINESS; TO REPEAL SECTION 27-17-35, MISSISSIPPI CODE OF 1972, WHICH IMPOSES A LOCAL PRIVILEGE TAX ON OPERATORS OF MOTOR VEHICLE RENTAL BUSINESSES; TO REPEAL SECTION 27-17-162, MISSISSIPPI CODE OF 1972, WHICH IMPOSES A LOCAL PRIVILEGE TAX ON FLEA MARKET SELLERS; TO REPEAL SECTION 27-17-299, MISSISSIPPI CODE OF 1972, WHICH IMPOSES A LOCAL PRIVILEGE TAX ON PAWNBROKERS; TO REPEAL SECTION 27-17-365, MISSISSIPPI CODE OF 1972, WHICH IMPOSES A LOCAL PRIVILEGE TAX ON OPERATORS OF WHOLESALE OR RETAIL STORES; TO REPEAL SECTION 27-17-415, MISSISSIPPI CODE OF 1972, WHICH IMPOSES A LOCAL PRIVILEGE TAX ON DEALERS OF DEADLY WEAPONS; TO REPEAL SECTION 27-17-423, MISSISSIPPI CODE OF 1972, WHICH IMPOSES A LOCAL PRIVILEGE TAX ON OWNERS OR OPERATORS OF DRILLING RIGS; TO REPEAL SECTION 27-17-425, MISSISSIPPI CODE OF 1972, WHICH IMPOSES A LOCAL PRIVILEGE TAX ON OPTOMETRISTS; AND FOR RELATED PURPOSES.

Statutes affected:
As Introduced: 27-7-22.5, 27-17-9, 27-17-35, 27-17-162, 27-17-299, 27-17-365, 27-17-415, 27-17-423, 27-17-425