Bill Text | History of Actions | Background | Title |
Description: Income taxation; revise recognition of income from casual sales of property by installment sale and certain other revisions.
Bill Text: [Introduced]
| 1 | 01/15 (S) Referred To Finance | |
| 2 | 01/30 (S) Died In Committee |
| Effective date | January 1, 2001 | |
| Disposition | Dead | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| Vote type required | Three/Fifths |
Senate Committee:
Principal Author: Minor
Code Sections: A 027-0007-0009, A 027-0007-0015, A 027-0007-0017, A 027-0007-0023, A 027-0013-0013
Title: 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 TRANSACTION 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 MULTI-STATE ENTITIES IS ALLOCATED AND APPORTIONED; TO PROVIDE FOR THE ALLOCATION OF CERTAIN NONBUSINESS INCOME; TO AMEND SECTION 27-13-13, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE REAL AND TANGIBLE PERSONAL PROPERTY OF CERTAIN PASSTHROUGH ENTITIES SHALL BE INCLUDED IN THE VALUE OF THE CAPITAL EMPLOYED IN THIS STATE FOR FRANCHISE TAX PURPOSES; AND FOR RELATED PURPOSES.
End Of Document
2001/html/History/SB/SB2609.htm