Mississippi Exemption for Offshore Drilling Equipment Expanded

Monday, March 31st, 2014

 
 
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Mississippi
General

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


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TTR has a website that companies subscribe to and use daily. This website provides a list of everything that can be bought or sold in the U.S. It provides simple answers to whether buying or selling these items is taxable (subject to a sales tax or other tax), and it provides all the legal authority to support these tax answers.

TTR likes to keep things simple and fun, which is why it has great people who provide help to clients on any support questions they have about transaction tax issues.

Please visit TTR on the web at www.ttrus.com or call 866.578.8193.

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