Bill Text | History of Actions | Background | Title |
Description: Suspend deadlines for introduction; income taxation; revise recognition of income from casual sales of property by installment sales and certain other provisions.
Bill Text: [Introduced] [Passed House] [Sent to Governor]
| 1 | 03/20 (H) Referred To Rules | |
| 2 | 03/20 (H) Title Suff Do Be Adopted | |
| 3 | 03/20 (H) Adopted | |
| 4 | 03/20 (H) Transmitted To Senate | |
| 5 | 03/21 (S) Referred To Rules | |
| 6 | 03/21 (S) Title Suff Do Be Adopted | |
| 7 | 03/21 (S) Adopted | |
| 8 | 03/21 (S) Transmitted To House | |
| 9 | 03/22 (H) Enrolled Bill Signed | |
| 10 | 03/22 (S) Enrolled Bill Signed |
| Effective date | No Effective Date | |
| Disposition | Adopted | |
| Deadline | None | |
| Revenue | No | |
| Vote type required | Two/Thirds | |
| Chapter number | 673 |
House Committee:
Senate Committee:
Principal Author: McCoy
Additional Authors: Morris, Reeves, Smith (39th)
Title: A CONCURRENT RESOLUTION SUSPENDING THE DEADLINES FOR THE PURPOSE OF REQUESTING THE DRAFTING, AND THE INTRODUCTION, CONSIDERATION AND PASSAGE, OF A BILL ENTITLED "AN ACT TO AMEND SECTION 27-7-9, MISSISSIPPI CODE OF 1972, TO REVISE THE MANNER IN WHICH A TRANSACTION BY A CORPORATION OR OTHER LEGAL ENTITY IS DETERMINED TO BE "ARMS-LENGTH" FOR INCOME TAX PURPOSES WHEN THE CHAIRMAN OF THE STATE TAX COMMISSION DETERMINES THAT THERE IS A SHIFTING OF INCOME WHICH RESULTS IN A DECREASE IN INCOME OR AN INCREASE IN A LOSS BEING ALLOCATED OR APPORTIONED TO THIS STATE; TO AMEND SECTION 27-7-15, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE RECOGNITION OF GAIN OR PROFIT FROM THE CASUAL SALE OF PROPERTY BY INSTALLMENT SALE IN THE YEAR OF THE SALE; TO ALLOW DEFERRAL OF THE TAX RESULTING FROM THE GAIN IF THE GAIN IS DEFERRED FOR FEDERAL INCOME TAX PURPOSES TO THE EXTENT PROVIDED UNDER REGULATIONS PRESCRIBED BY THE CHAIRMAN OF THE STATE TAX COMMISSION; TO EXCLUDE FROM THE DEFINITION OF THE TERM "GROSS INCOME" CERTAIN INCOME RESULTING FROM TRANSACTIONS WITH A RELATED MEMBER; TO AMEND SECTION 27-7-17, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT, IN COMPUTING NET INCOME, A TAXPAYER MUST ADD BACK CERTAIN OTHERWISE DEDUCTIBLE EXPENSES AND COSTS PAID TO RELATED MEMBERS; TO AMEND SECTION 27-7-23, MISSISSIPPI CODE OF 1972, TO REVISE THE DEFINITION OF THE TERM "BUSINESS INCOME"; TO REVISE THE MANNER IN WHICH THE INCOME OF MULTISTATE ENTITIES IS ALLOCATED AND APPORTIONED; TO PROVIDE FOR THE ALLOCATION OF CERTAIN NONBUSINESS INCOME; TO AMEND SECTIONS 27-7-24.3 AND 27-8-3, MISSISSIPPI CODE OF 1972, IN CONFORMITY THERETO; TO AMEND SECTION 27-13-13, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE MANNER IN WHICH THE ASSETS OF CERTAIN FLOW-THROUGH ENTITIES SHALL BE INCLUDED IN THE RATIO USED TO DETERMINE THE VALUE OF THE CAPITAL EMPLOYED IN THIS STATE FOR FRANCHISE TAX PURPOSES; AND FOR RELATED PURPOSES."
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