A recent bill comprehensively overhauled how Mississippi applies its sales tax to oil and gas activities and related equipment. The Department of Revenue recently issued a notice explaining the changes and the newly adopted rates.
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Mississippi Comprehensively Overhauls Its Sales Taxation of Oil and Gas Activities Effective July 1
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Effective July 1, 2024, the 3.5% Mississippi contractor's tax no longer applies to drilling, redrilling, completing, or working over an oil or gas well.
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