Bill
Bill > HB863
MS HB863
MS HB863Ad valorem tax; revise certain provisions relating to assessment of public service corporations.
summary
Introduced
02/14/2020
02/14/2020
In Committee
05/11/2020
05/11/2020
Crossed Over
03/09/2020
03/09/2020
Passed
06/18/2020
06/18/2020
Dead
Signed/Enacted/Adopted
06/25/2020
06/25/2020
Introduced Session
2020 Regular Session
Bill Summary
An Act To Amend Sections 27-35-301, 27-35-303, 27-35-305, 27-35-309, 27-35-311, 27-35-313 And 27-35-325, Mississippi Code Of 1972, To Revise Certain Provisions Regarding The Assessment Of Railroad And Other Public Service Corporation Property For The Purposes Of Ad Valorem Taxation; To Revise The Date By Which Railroads And Other Public Service Corporations Must File With The Department Of Revenue For Ad Valorem Tax Assessment Purposes Schedules Of Property Owned By Such Corporations; To Revise The Time For Which The Department Of Revenue May Grant An Extension For The Filing Of Such Schedules; To Revise The Length Of Time That Assessments Made By The Department Of Revenue Of Such Property Shall Remain Open For Objection; To Revise The Date By Which Railroads And Other Public Service Corporations Must File An Apportionment Of The Assessed Value Of Property Of Such Corporations; To Revise Certain Provisions Regarding Objections To Assessments Made By The Department Of Revenue; To Revise Certain Provisions Regarding The Imposition Of A Penalty Against Railroads Or Other Public Service Corporations For Failure To File The Required Schedules Of Property For Ad Valorem Tax Assessment Purposes; To Amend Section 27-35-513, Mississippi Code Of 1972, To Revise Certain Provisions Regarding The Imposition Of A Penalty Against Railroad Car Companies For Failure To File Required Statements With The Department Of Revenue For Ad Valorem Tax Assessment Purposes; To Amend Section 27-35-703, Mississippi Code Of 1972, To Revise The Date By Which Airline Companies Must File With The Department Of Revenue For Ad Valorem Tax Assessment Purposes Schedules Of Aircraft Operated In This State By Such Companies; To Revise The Length Of Time That Assessments Made By The Department Of Revenue Of Such Aircraft Shall Remain Open For Objection; And For Related Purposes.
AI Summary
This bill revises certain provisions regarding the assessment of railroad and other public service corporation property for the purposes of ad valorem (property) taxation in Mississippi. Key changes include:
- Changing the deadline for railroads and other public service corporations to file schedules of their property with the Department of Revenue from the first Monday in April to the first day of April, and reducing the extension period the Department can grant from 30 days to 20 days.
- Shortening the time period the Department's assessments are open for objection from 30 days to 20 days.
- Revising the deadline for railroads and other public service corporations to file an apportionment of their assessed property value.
- Allowing the Department to impose a penalty of up to 10% of the assessment on companies that fail to file the required schedules.
- Making similar changes to the deadlines and objection periods for airline companies filing schedules of their aircraft operated in the state.
The bill aims to update the administrative processes and deadlines for assessing the property of railroads, public service corporations, and airline companies for ad valorem tax purposes in Mississippi.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Approved by Governor (on 06/25/2020)
Official Document
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