Mississippi § 27-31-48 - Vendor tooling.
Full text of Mississippi Mississippi Code of 1972 Annotated § 27-31-48 — Vendor tooling., with citation guidance and answers to common questions.
§ 27-31-48. Vendor tooling.
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. 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. Vendor tooling as defined in this subsection shall be exempt from ad valorem taxation. For purposes of this subsection: “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. “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). 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.
Frequently Asked Questions About Mississippi § 27-31-48
What does Mississippi Code of 1972 Annotated § 27-31-48 cover?
Section 27-31-48 ("Vendor tooling.") is part of the Mississippi Code of 1972 Annotated, the codified statutory law of Mississippi. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Mississippi § 27-31-48?
A common citation format is "Mississippi Code of 1972 Annotated § 27-31-48" (Mississippi). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Mississippi law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Mississippi official source linked on this page or consult a licensed Mississippi attorney.
How does Mississippi § 27-31-48 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Mississippi can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Mississippi.