Mississippi Legislature
2003 Regular Session

Senate Bill 2354

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Bill Text

History of Actions

Background

Title

Description: Income taxation; remove reverter on method of determining "arms length" transactions (STC).

Bill Text: [Introduced] [Passed Senate] [Sent to Governor]

History of Actions:

1 01/15 (S) Referred To Finance
2 01/21 (S) Title Suff Do Pass
3 02/05 (S) Passed
4 02/07 (S) Transmitted To House
5 02/10 (H) Referred To Ways and Means
6 02/27 (H) Title Suff Do Pass
7 02/27 (H) Passed
8 02/28 (H) Transmitted To Senate
9 03/04 (S) Enrolled Bill Signed
10 03/04 (H) Enrolled Bill Signed
11 03/07 Approved by Governor

Background Information:

Effective datePassage
DispositionLaw
DeadlineRevenue
RevenueYes
Vote type requiredThree/Fifths
Chapter number319

Senate Committee:

House Committee:

Principal Author: Minor

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

Title: AN ACT TO AMEND SECTIONS 27-7-9, 27-7-15 AND 27-7-17, MISSISSIPPI CODE OF 1972, TO REMOVE THE JULY 1, 2003, REVERTER ON THE PROVISIONS IN THE INCOME TAX LAW THAT REVISE THE METHOD OF DETERMINING WHETHER A TRANSACTION BY A CORPORATION OR OTHER LEGAL ENTITY FOR THE BENEFIT OF ITS SHAREHOLDER OR AN AFFILIATED CORPORATION IS AT "ARMS LENGTH" FOR INCOME TAX PURPOSES, WHICH PROVIDE THE RULES THAT APPLY FOR THE RECOGNITION OF GAIN OR PROFIT FROM THE CASUAL SALE OF PROPERTY BY INSTALLMENT SALE AND PROVIDE FOR RESTRICTIONS ON THE DEDUCTIBILITY OF CERTAIN INTANGIBLE EXPENSES AND INTEREST EXPENSES WITH A RELATED MEMBER; AND FOR RELATED PURPOSES.


Information pertaining to this measure was last updated on 03/11/03 at 09:11.

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