Mississippi Exemption for Offshore Drilling Equipment Expanded

Mar 31st, 2014

The Mississippi legislature has expanded the sales tax exemption for offshore drilling equipment. The expansion becomes effective July 1, 2014.

Mississippi exempts sales of offshore drilling equipment. This exemption applies to sales of offshore drilling equipment for use in oil exploitation or production. The new law will expand the scope of this exemption. The exemption will apply to sales of offshore drilling equipment for use in natural gas exploration and production as well as oil exploration and production.

Also, exempt equipment will include aircraft used predominately to carry people or property to or from offshore platforms or vessels. The exemption will extend to engines, accessories, and spare parts for these aircraft.

http://billstatus.ls.state.ms.us/documents/2014/html/HB/1500-1599/HB1555SG.htm