Mississippi Legislature
2007 Regular Session

House Bill 1563

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Bill Text

History of Actions

Background

Title

Description: Income tax; revise period for which net casualty losses may be carried back as deductions.

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

History of Actions:

1 01/23 (H) Referred To Ways and Means
2 02/20 (H) Title Suff Do Pass
3 02/20 (H) Read the Third Time
4 02/21 (H) Passed   {Vote}
5 02/22 (H) Transmitted To Senate
6 02/23 (S) Referred To Finance
7 03/07 (S) Title Suff Do Pass
8 03/13 (S) Passed   {Vote}
9 03/14 (S) Transmitted To House
10 03/16 (H) Enrolled Bill Signed
11 03/19 (S) Enrolled Bill Signed
12 03/26 Approved by Governor

Background Information:

Effective dateJanuary 1, 2007
DispositionLaw
DeadlineRevenue
RevenueYes
Vote type requiredThree/Fifths
Chapter number466

House Committee:

Senate Committee:

Principal Author: Zuber

Additional Authors: Palazzo, Guice

Code Sections: A 027-0007-0020, A 027-0007-0049

Title: AN ACT TO AMEND SECTION 27-7-20, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT NET CASUALTY LOSS DEDUCTIONS MAY BE CARRIED BACK MORE THAN THREE YEARS IF OTHERWISE PROVIDED UNDER THE INTERNAL REVENUE CODE; TO AMEND SECTION 27-7-49, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE THREE-YEAR EXAMINATION PERIOD FOR STATE INCOME TAX RETURNS SHALL NOT APPLY WHERE THE REPORTABLE TAXABLE INCOME OF A TAXPAYER HAS BEEN DECREASED BY THE CARRYBACK OF A NET CASUALTY LOSS DEDUCTION OR NET OPERATING LOSS DEDUCTION INSOFAR AS THE STATE INCOME TAX LIABILITY IS AFFECTED BY THE CARRYBACK OF THE APPLICABLE DEDUCTION; AND FOR RELATED PURPOSES.


Information pertaining to this measure was last updated on 04/09/07 at 10:08.

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2007/html/History/HB/HB1563.htm