Mississippi Legislature
2001 Regular Session

Senate Bill 2609

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Bill Text

History of Actions

Background

Title

Description: Income taxation; revise recognition of income from casual sales of property by installment sale and certain other revisions.

Bill Text: [Introduced]

History of Actions:

1 01/15 (S) Referred To Finance
2 01/30 (S) Died In Committee

Background Information:

Effective dateJanuary 1, 2001
DispositionDead
DeadlineGeneral Bill/Constitutional Amendment
RevenueNo
Vote type requiredThree/Fifths

Senate Committee:

Principal Author: Minor

Code Sections: A 027-0007-0009, A 027-0007-0015, A 027-0007-0017, A 027-0007-0023, A 027-0013-0013

Title: AN ACT TO AMEND SECTION 27-7-9, MISSISSIPPI CODE OF 1972, TO REVISE THE MANNER IN WHICH A TRANSACTION BY A CORPORATION OR OTHER LEGAL ENTITY IS DETERMINED TO BE "ARMS-LENGTH" FOR INCOME TAX PURPOSES WHEN THE CHAIRMAN OF THE STATE TAX COMMISSION DETERMINES THAT THERE IS A SHIFTING OF INCOME WHICH RESULTS IN A DECREASE IN INCOME OR AN INCREASE IN A LOSS BEING ALLOCATED OR APPORTIONED TO THIS STATE; TO AMEND SECTION 27-7-15, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE RECOGNITION OF GAIN OR PROFIT FROM THE CASUAL SALE OF PROPERTY BY INSTALLMENT SALE IN THE YEAR OF THE SALE; TO ALLOW DEFERRAL OF THE TAX RESULTING FROM THE GAIN IF THE GAIN IS DEFERRED FOR FEDERAL INCOME TAX PURPOSES TO THE EXTENT PROVIDED UNDER REGULATIONS PRESCRIBED BY THE CHAIRMAN OF THE STATE TAX COMMISSION; TO EXCLUDE FROM THE DEFINITION OF THE TERM "GROSS INCOME" CERTAIN INCOME RESULTING FROM TRANSACTION WITH A RELATED MEMBER; TO AMEND SECTION 27-7-17, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT, IN COMPUTING NET INCOME, A TAXPAYER MUST ADD BACK CERTAIN OTHERWISE DEDUCTIBLE EXPENSES AND COSTS PAID TO RELATED MEMBERS; TO AMEND SECTION 27-7-23, MISSISSIPPI CODE OF 1972, TO REVISE THE DEFINITION OF THE TERM "BUSINESS INCOME"; TO REVISE THE MANNER IN WHICH THE INCOME OF MULTI-STATE ENTITIES IS ALLOCATED AND APPORTIONED; TO PROVIDE FOR THE ALLOCATION OF CERTAIN NONBUSINESS INCOME; TO AMEND SECTION 27-13-13, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE REAL AND TANGIBLE PERSONAL PROPERTY OF CERTAIN PASSTHROUGH ENTITIES SHALL BE INCLUDED IN THE VALUE OF THE CAPITAL EMPLOYED IN THIS STATE FOR FRANCHISE TAX PURPOSES; AND FOR RELATED PURPOSES.


Information pertaining to this measure was last updated on 01/30/01 at 01:02.

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