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2017 Mississippi Code
Title 27 - Taxation and Finance
Chapter 31 - Ad Valorem Taxes--General Exemptions
In General
§ 27-31-48. Vendor tooling
Universal Citation: MS Code § 27-31-48 (2017)
- (1) (a) Except as otherwise provided in paragraph (b) of this subsection, as used in this subsection, the term "vendor tooling" means any special tools such as dies, molds, jigs and similar items treated as special tooling for federal income tax purposes, owned by a business enterprise operating a motor vehicle production and assembly plant that are held for use in motor vehicle and motor vehicle parts production and assembly and are located off the site of the motor vehicle production and assembly plant of such business enterprise. For purposes of this paragraph "business enterprise operating a motor vehicle production and assembly plant" means a business enterprise that produces not less than fifty thousand (50,000) motor vehicles annually.
- (b) For a project that has been certified by the Mississippi Major Economic Impact Authority as a project as defined in Section 57-75-5(f)(xxi), the term "vendor tooling" means any special tools such as dies, molds, jigs and similar items treated as special tooling for federal income tax purposes, owned by a business enterprise operating a motor vehicle production and assembly plant that are held for use in motor vehicle and motor vehicle parts production and assembly and are located on or off the site of the motor vehicle production and assembly plant of such business enterprise.
- (c) Vendor tooling as defined in this subsection shall be exempt from ad valorem taxation.
- (2) (a) For purposes of this subsection:
- (i) "Vendor tooling" means any special tools such as dies, molds, jigs and similar items treated as special tooling for federal income tax purposes, used to manufacture parts for a business enterprise operating a motor vehicle production and assembly plant that are held for use in motor vehicle and motor vehicle parts production. The special tools must be located at the site of the tier one supplier and must be directly owned by the tier one supplier.
- (ii) "Tier one supplier" means a tier one supplier as defined in Section 57-75-5(l) which has a minimum capital investment from private sources of not less than Fifty Million Dollars ($ 50,000,000.00).
- (b) County boards of supervisors and municipal authorities are authorized and empowered, in their discretion, to exempt up to thirty percent (30%) of the true value of vendor tooling owned by a tier one supplier from ad valorem taxation.
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