MISSISSIPPI LEGISLATURE

1998 Regular Session

To: Ways and Means

By: Representative Williams

House Bill 562

AN ACT TO AMEND SECTION 27-9-11, MISSISSIPPI CODE OF 1972, TO INCREASE THE AMOUNT OF THE MISSISSIPPI ESTATE TAX EXEMPTION TO CONFORM TO THE FEDERAL ESTATE TAX EXEMPTION; AND FOR RELATED PURPOSES. 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 27-9-11, Mississippi Code of 1972, is amended as follows:

27-9-11. For the purposes of the tax imposed by this chapter the value of the taxable estate shall be determined in the case of a resident by deducting from the gross estate, after the deductions provided for in Section 27-9-9 have been made, the sum of One Hundred Twenty Thousand Six Hundred Sixty-six Dollars ($120,666.00) in the case of a decedent dying in 1978; the sum of One Hundred Thirty-four Thousand Dollars ($134,000.00) in the case of a decedent dying in 1979; the sum of One Hundred Forty-seven Thousand Three Hundred Thirty-three Dollars ($147,333.00) in the case of a decedent dying in 1980; the sum of One Hundred Sixty-one Thousand Five Hundred Sixty-three Dollars ($161,563.00) in the case of a decedent dying in 1981; and the sum of One Hundred Seventy-five Thousand Six Hundred Twenty-five Dollars ($175,625.00) in the case of a decedent dying in 1982 or any date thereafter prior to October 1, 1988; the sum of Four Hundred Thousand Dollars ($400,000.00) in the case of a decedent dying on or after October 1, 1988, but prior to October 1, 1989; the sum of Five Hundred Thousand Dollars ($500,000.00) in the case of a decedent dying on or after October 1, 1989, but prior to October 1, 1990; * * * the sum of Six Hundred Thousand Dollars ($600,000.00) in the case of a decedent dying on or after October 1, 1990, but prior to October 1, 1998; the sum of Six Hundred Twenty-five Thousand Dollars ($625,000.00) in the case of a decedent dying on or after October 1, 1998, but prior to October 1, 1999; the sum of Six Hundred Fifty Thousand Dollars ($650,000.00) in the case of a decedent dying on or after October 1, 1999, but prior to October 1, 2000; the sum of Six Hundred Seventy-five Thousand Dollars ($675,000.00) in the case of a decedent dying on or after October 1, 2000, but prior to October 1, 2002; the sum of Seven Hundred Thousand Dollars ($700,000.00) in the case of a decedent dying on or after October 1, 2002, but prior to October 1, 2004; the sum of Eight Hundred Fifty Thousand Dollars ($850,000.00) in the case of a decedent dying on or after October 1, 2004, but prior to October 1, 2005; the sum of Nine Hundred Fifty Thousand Dollars ($950,000.00) in the case of a decedent dying on or after October 1, 2005, but prior to October 1, 2006; and the sum of One Million Dollars ($1,000,000.00) in the case of a decedent dying on or after October 1, 2006.

SECTION 2. Nothing in this act shall affect or defeat any claim, assessment, appeal, suit, right or cause of action for taxes due or accrued under the estate tax laws before the date on which this act becomes effective, whether such claims, assessments, appeals, suits or actions have been begun before the date on which this act becomes effective or are begun thereafter; and the provisions of the estate tax laws are expressly continued in full force, effect and operation for the purpose of the assessment, collection and enrollment of liens for any taxes due or accrued and the execution of any warrant under such laws before the date on which this act becomes effective, and for the imposition of any penalties, forfeitures or claims for failure to comply with such laws.

SECTION 3. This act shall take effect and be in force from and after July 1, 1998.