Mississippi Legislature

1999 Regular Session

House Bill 1011

[Introduced]

Instructions Bill Status Menu




History of Actions

Background

Title

Description: Income tax; provide that certain interest expense may not be claimed as a businses deduction (STC).

History of Actions:

101/15/99(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: Williams

Code Section: A 027-0007-0017

Title: AN ACT TO AMEND SECTION 27-7-17, MISSISSIPPI CODE OF 1972, TO REMOVE THE PROVISION THAT AUTHORIZES INTEREST EXPENSE INCURRED FOR THE PURCHASE OF TREASURY STOCK, TO PAY DIVIDENDS, OR INCURRED AS A RESULT OF AN UNDERCAPITALIZED AFFILIATED CORPORATION TO BE UTILIZED AS AN INCOME TAX BUSINESS DEDUCTION IF AN ORDINARY AND NECESSARY BUSINESS PURPOSE CAN BE ESTABLISHED TO THE SATISFACTION OF THE CHAIRMAN OF THE STATE TAX COMMISSION; AND FOR RELATED PURPOSES.


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



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