History of Actions | Background | Title |
Description: Income tax; exempt gain if used to purchase certain state bonds and exempt such bonds from estate for estate tax purposes.
| 1 | 01/05/99 | (H) | Referred To Ways and Means | |
| 2 | 02/24/99 | (H) | Died In Committee |
| Effective date | January 1, 1999 | |
| Disposition | Dead | |
| Deadline | Revenue/Appropriation | |
| Revenue | Yes | |
| 3/5ths vote required | Yes |
House Committee:
Principal Author: Dedeaux
Code Sections: A 027-0007-0009, A 027-0009-0011
Title: AN ACT TO AMEND SECTION 27-7-9, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT NO CAPITAL GAIN SHALL BE RECOGNIZED FROM ANY TRANSACTION WHICH WOULD OTHERWISE RESULT IN A GAIN, IF THE PROCEEDS OF SUCH TRANSACTION ARE USED TO PURCHASE GENERAL OBLIGATION BONDS OF THE STATE OF MISSISSIPPI BEARING A MAXIMUM INTEREST RATE TO MATURITY OF NOT MORE THAN THREE PERCENT; TO LIMIT THE AMOUNT OF SUCH EXEMPTION; TO AMEND SECTION 27-9-11, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE VALUE OF ANY BONDS OWNED BY A DECEDENT WHICH ARE GENERAL OBLIGATION BONDS OF THE STATE OF MISSISSIPPI BEARING A MAXIMUM INTEREST RATE TO MATURITY OF NOT MORE THAN THREE PERCENT, SHALL BE DEDUCTED FROM THE VALUE OF THE DECEDENT'S TAXABLE ESTATE FOR PURPOSE OF THE STATE ESTATE TAX LAW; AND FOR RELATED PURPOSES.
End Of Document
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