Sunday, February 27, 2011

Interesting

Take a look at this bill and see what you think.

20 comments:

Ticked_off_in_MS said...

HELL NO... If they want to make it a deduction or write off, I could see letting someone get by with not paying a penny, but NOT a refund of 90% of what they spent. Just another reason why the Democraps and Billy " Wormfarmer" McCoy et al have got to go.

Anonymous said...

It's an enhanced incentive to restore historic properties. One issue with the existing Mississippi historic tax credit is that (unless one is an insurance company) the owner of the credit can only apply them against MS income taxes, which are, relative to federal and other states) low. That makes the credit of limited value. The owner can sell the credits, but the market for the credit is individuals with high Mississippi income taxes, which is a relatively small group, especially in this economy (read: doctors). Since the effect of this bill is to make credit more valuable, and thus encourage historic preservation (always a challenge in MS), I think it's a good thing.

Anonymous said...

Whose water is being carried KF on this?

Anonymous said...

Agree w/ 5:14 AM. Because the change is retroactive there has to be some beneficiaries lurking in the legislative weeds and from a transparency standpoint that goes against the people's grain. I'm fine w/ 5:08 AM's explanation going forward but not the retroactive application. Who knows, this could be to benefit 5:08 AM.

bill said...

I don't mind people getting a tax credit for restoring historic properties, but only if the tax credit is equal to or less than the tax they owe, and only if the historic property is available to be enjoyed by the public. I don't think my tax dollars should be used for someone to renovate a house they're going to live in and all the public sees is the sign out front. Bill Billingsley

Anonymous said...

I can't see it being retroactive either. I'm not opposed to it otherwise. This is an opportunity for some of those tax refunds to stay in MS, and if it encourages people to renovate historic properties that quality as such, it further fuels the local economy in the form of labor, materials, and so on.

It's an enhancement to my mind that will encourage money re-spent in MS.

Anonymous said...

Sounds like a great idea to me. Too many of our historic structures have been demolished (see N. State Street and most of downtown Jackson). Bill, I understand your point but if the alternative to renovating a historic home is to demolish it, wouldn't you rather have it standing?

Anonymous said...

I agree that this seems to be a worthwhile bill. I looked at the existing law, and the only change seems to be that the credit in excess of the tax liability for the year can now be refunded at 90% instead of carried forward for up to 10 years. In other words, the taxpayer takes a 10% discount for immediate payment, instead of waiting a year or two for the full amount. This sounds like good legislation.

Anonymous said...

I agree with 8:51. The problem is that it is always less expensive to tear down than to restore renovate a historic building. Moreover, it's more time consuming.
Unless there is some incentive , it just won't happen.
The homeowner goes into the project with greater risks and more unknowns.
Since the community benefits by keeping it's historical architecture, I don't mind the homeowner enjoying the short term benefits.

Paul Mitchell said...

Sounds like the Hajj or a circular firing squad.

Do legislators have to be morons to get elected or does that just seem to always be the case?

Earned Income Tax Credit for your minor buildings...

Anonymous said...

6:47, you're right on the money. I guarantee you someone will be getting paid off big time with a retroactive provision.

Anonymous said...

Maybe the state could publish a list of who has these "retroactive" credits . . . That way, we could see who really stands to gain.

Anonymous said...

To collect cash for what was designed as a 'tax credit' is nothing more than EITC - tax refunds to those that don't pay taxes. I don't care what 'good thing' has been done, what building restored, what charity helped, or other so claimed 'good for the public'. You shouldn't get back 'taxes' that you haven't paid.

BTW, 5:14, sounds like a David Watkins deal to me.

Anonymous said...

WHO.WAS.THIS.BILL.WRITTEN.FOR.!!!!Would someone call Watson, bet he knows the name.

Anonymous said...

Actually, this is being pushed by the MS Dept of Archives & History and the MS Heritage Trust.

It's legit and needs to be done to support historic preservation in MS.

Paul Mitchell said...

Anon 5:22, just build a monument next to the levee in Neshoba County and be done with it.

That is all the heritage that the rest of the country thinks Mississippi has. The joke's on them.

Anonymous said...

It's legit and needs to be done to support historic preservation in MS.

Then why does it have a retroactive element in the bill language? Such language is skid grease and does not jive with your explanation.

Anonymous said...

tax credits have been the law for some years. The credit's not retroactive. The only change in existing law would allow a refund in one year of the credit that exceeds the tax liability, instead of being able to carry the credit forward for up to 10 years. Sheesh! Some of you see a conspirator behind every tree. Go read the exising law.

Anonymous said...

Retroactive? That means that someone who had these credits never planned to have the state bail them out at the time when they got the credits. Someone is gonna get rich off of this scheme.

bill said...

For 2/28 at 8:51, are you saying the choice is have the taxpayers pay for renovation or raze the property? I see a third alternative - let the people who are going to live in the house pay for the renovation, just like the rest of us. If we want to give someone a tax break so they'll restore some architectural detail that they'd otherwise leave alone, that's fine, but to give them a tax credit beyond the amount of tax owed isn't right, especially when it's for a house that's being occupied by the person who got the credit. BB


Recent Comments

Search Jackson Jambalaya

Subscribe to JJ's Youtube channel

Archives

Trollfest '09

Trollfest '07 was such a success that Jackson Jambalaya will once again host Trollfest '09. Catch this great event which will leave NE Jackson & Fondren in flames. Othor Cain and his band, The Black Power Structure headline the night while Sonjay Poontang returns for an encore performance. Former Frank Melton bodyguard Marcus Wright makes his premier appearance at Trollfest singing "I'm a Sweet Transvestite" from "The Rocky Horror Picture Show." Kamikaze will sing his new hit, “How I sold out to da Man.” Robbie Bell again performs: “Mamas, don't let your babies grow up to be Bells” and “Any friend of Ed Peters is a friend of mine”. After the show, Ms. Bell will autograph copies of her mug shot photos. In a salute to “Dancing with the Stars”, Ms. Bell and Hinds County District Attorney Robert Smith will dance the Wango Tango.

Wrestling returns, except this time it will be a Battle Royal with Othor Cain, Ben Allen, Kim Wade, Haley Fisackerly, Alan Lange, and “Big Cat” Donna Ladd all in the ring at the same time. The Battle Royal will be in a steel cage, no time limit, no referee, and the losers must leave town. Marshand Crisler will be the honorary referee (as it gives him a title without actually having to do anything).


Meet KIM Waaaaaade at the Entergy Tent. For five pesos, Kim will sell you a chance to win a deed to a crack house on Ridgeway Street stuffed in the Howard Industries pinata. Don't worry if the pinata is beaten to shreds, as Mr. Wade has Jose, Emmanuel, and Carlos, all illegal immigrants, available as replacements for the it. Upon leaving the Entergy tent, fig leaves will be available in case Entergy literally takes everything you have as part of its Trollfest ticket price adjustment charge.

Donna Ladd of The Jackson Free Press will give several classes on learning how to write. Smearing, writing without factchecking, and reporting only one side of a story will be covered. A donation to pay their taxes will be accepted and she will be signing copies of their former federal tax liens. Ms. Ladd will give a dramatic reading of her two award-winning essays (They received The Jackson Free Press "Best Of" awards.) "Why everything is always about me" and "Why I cover murders better than anyone else in Jackson".

In the spirit of helping those who are less fortunate, Trollfest '09 adopts a cause for which a portion of the proceeds and donations will be donated: Keeping Frank Melton in his home. The “Keep Frank Melton From Being Homeless” booth will sell chances for five dollars to pin the tail on the jackass. John Reeves has graciously volunteered to be the jackass for this honorable excursion into saving Frank's ass. What's an ass between two friends after all? If Mr. Reeves is unable to um, perform, Speaker Billy McCoy has also volunteered as when the word “jackass” was mentioned he immediately ran as fast as he could to sign up.


In order to help clean up the legal profession, Adam Kilgore of the Mississippi Bar will be giving away free, round-trip plane tickets to the North Pole where they keep their bar complaint forms (which are NOT available online). If you don't want to go to the North Pole, you can enjoy Brant Brantley's (of the Mississippi Commission on Judicial Performance) free guided tours of the quicksand field over by High Street where all complaints against judges disappear. If for some reason you are unable to control yourself, never fear; Judge Houston Patton will operate his jail where no lawyers are needed or allowed as you just sit there for minutes... hours.... months...years until he decides he is tired of you sitting in his jail. Do not think Judge Patton is a bad judge however as he plans to serve free Mad Dog 20/20 to all inmates.

Trollfest '09 is a pet-friendly event as well. Feel free to bring your dog with you and do not worry if your pet gets hungry, as employees of the Jackson Zoo will be on hand to provide some of their animals as food when it gets to be feeding time for your little loved one.

Relax at the Fox News Tent. Since there are only three blonde reporters in Jackson (being blonde is a requirement for working at Fox News), Megan and Kathryn from WAPT and Wendy from WLBT will be on loan to Fox. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both and a torn-up Obama yard sign will entitle you to free drinks served by Megan, Wendy, and Kathryn. Get your tickets now. Since this is an event for trolls, no ID is required. Just bring the hate. Bring the family, Trollfest '09 is for EVERYONE!!!

This is definitely a Beaver production.


Note: Security provided by INS.

Trollfest '07

Jackson Jambalaya is the home of Trollfest '07. Catch this great event which promises to leave NE Jackson & Fondren in flames. Sonjay Poontang and his band headline the night with a special steel cage, no time limit "loser must leave town" bout between Alan Lange and "Big Cat"Donna Ladd following afterwards. Kamikaze will perform his new song F*** Bush, he's still a _____. Did I mention there was no referee? Dr. Heddy Matthias and Lori Gregory will face off in the undercard dueling with dangling participles and other um, devices. Robbie Bell will perform Her two latest songs: My Best Friends are in the Media and Mama's, Don't Let Your Babies Grow up to be George Bell. Sid Salter of The Clarion-Ledger will host "Pin the Tail on the Trial Lawyer", sponsored by State Farm.

There will be a hugging booth where in exchange for your young son, Frank Melton will give you a loooong hug. Trollfest will have a dunking booth where Muhammed the terrorist will curse you to Allah as you try to hit a target that will drop him into a vat of pig grease. However, in the true spirit of Separate But Equal, Don Imus and someone from NE Jackson will also sit in the dunking booth for an equal amount of time. Tom Head will give a reading for two hours on why he can't figure out who the hell he is. Cliff Cargill will give lessons with his .80 caliber desert eagle, using Frank Melton photos as targets. Tackleberry will be on hand for an autograph session. KIM Waaaaaade will be passing out free titles and deeds to crackhouses formerly owned by The Wood Street Players.

If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!

This is definitely a Beaver production.

Note: Security provided by INS
.