Taxation of oilfield services; restructure.

This bill modifies Mississippi tax laws to lower the sales tax rate on equipment and materials used for oil and gas exploration and production from 7% to 4%. It also eliminates a 7% gross income tax on businesses providing services related to these activities and removes a 3.5% contractor's tax on oil and gas well contracts. Additionally, the legislation clarifies that operators rebilling equipment sales to non-operating owners should not pay sales tax on those rebills if the tax was already paid or accrued by the operator. The bill includes technical amendments to update code section designations and was recently suspended from deadlines after failing to reach agreement in conference.