History of Actions | Background | Title |
Description: Income tax; provide that certain interest expense may not be claimed as a businses deduction (STC).
| 1 | 01/15/99 | (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: Williams
Code Section: A 027-0007-0017
Title: AN ACT TO AMEND SECTION 27-7-17, MISSISSIPPI CODE OF 1972, TO REMOVE THE PROVISION THAT AUTHORIZES INTEREST EXPENSE INCURRED FOR THE PURCHASE OF TREASURY STOCK, TO PAY DIVIDENDS, OR INCURRED AS A RESULT OF AN UNDERCAPITALIZED AFFILIATED CORPORATION TO BE UTILIZED AS AN INCOME TAX BUSINESS DEDUCTION IF AN ORDINARY AND NECESSARY BUSINESS PURPOSE CAN BE ESTABLISHED TO THE SATISFACTION OF THE CHAIRMAN OF THE STATE TAX COMMISSION; AND FOR RELATED PURPOSES.
End Of Document
1999\html\History/HB\HB1011.htm