Mississippi Legislature

1999 Regular Session

House Bill 443

[Introduced]

Instructions Bill Status Menu




History of Actions

Background

Title

Description: Income tax; exempt gain if used to purchase certain state bonds and exempt such bonds from estate for estate tax purposes.

History of Actions:

101/05/99(H)Referred To Ways and Means
202/24/99(H)Died In Committee

Background Information:

Effective dateJanuary 1, 1999
DispositionDead
DeadlineRevenue/Appropriation
RevenueYes
3/5ths vote requiredYes

House Committee:

Principal Author: Dedeaux

Code Sections: A 027-0007-0009, A 027-0009-0011

Title: AN ACT TO AMEND SECTION 27-7-9, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT NO CAPITAL GAIN SHALL BE RECOGNIZED FROM ANY TRANSACTION WHICH WOULD OTHERWISE RESULT IN A GAIN, IF THE PROCEEDS OF SUCH TRANSACTION ARE USED TO PURCHASE GENERAL OBLIGATION BONDS OF THE STATE OF MISSISSIPPI BEARING A MAXIMUM INTEREST RATE TO MATURITY OF NOT MORE THAN THREE PERCENT; TO LIMIT THE AMOUNT OF SUCH EXEMPTION; TO AMEND SECTION 27-9-11, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE VALUE OF ANY BONDS OWNED BY A DECEDENT WHICH ARE GENERAL OBLIGATION BONDS OF THE STATE OF MISSISSIPPI BEARING A MAXIMUM INTEREST RATE TO MATURITY OF NOT MORE THAN THREE PERCENT, SHALL BE DEDUCTED FROM THE VALUE OF THE DECEDENT'S TAXABLE ESTATE FOR PURPOSE OF THE STATE ESTATE TAX LAW; AND FOR RELATED PURPOSES.


Information pertaining to this measure was last updated on 02/24/99 at 14:26.



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