Bill Text | History of Actions | Amendments | Background | Title |
Description: Income taxation; revise recognition of income from casual sales of property by installment sales and certain other revisions.
Bill Text: [Introduced] [Committee Substitute] [Passed House] [Sent to Governor]
| 1 | 03/21 (H) Referred To Ways and Means | |
| 2 | 03/23 (H) Title Suff Do Pass Comm Sub | |
| 3 | 03/24 (H) Committee Substitute Adopted | |
| 4 | 03/24 (H) Amended | |
| 5 | 03/24 (H) Passed As Amended | |
| 6 | 03/25 (H) Transmitted To Senate | |
| 7 | 03/25 (S) Referred To Finance | |
| 8 | 03/26 (S) Title Suff Do Pass As Amended | |
| 9 | 03/26 (S) Amended | |
| 10 | 03/26 (S) Passed As Amended | |
| 11 | 03/27 (S) Motion to Reconsider Entered | |
| 12 | 03/27 (S) Motion to Reconsider Tabled | |
| 13 | 03/27 (S) Returned For Concurrence | |
| 14 | 03/27 (H) Concurred in Amend From Senate | |
| 15 | 03/28 (H) Enrolled Bill Signed | |
| 16 | 03/29 (S) Enrolled Bill Signed | |
| 17 | 04/11 Approved by Governor |
| Adopted | [H] | Amendment No 1 |
| Adopted | [H] | Amendment No 2 |
| Adopted | [H] | Amendment No 3 |
| By Reference | [H] | Amendment No 4 |
| Adopted | [S] | Amendment No 1 |
| Adopted | [S] | Amendment No 1 to Amendment No 1 |
| Effective date | January 1, 2001 | |
| Disposition | Law | |
| Deadline | None | |
| Revenue | No | |
| Vote type required | Three/Fifths | |
| Suspension measure | HC 133 | |
| Chapter number | 586 |
House Committee:
Senate Committee:
Principal Author: Reeves
Additional Authors: McCoy, Morris, Smith (39th)
Code Sections: A 027-0007-0009, A 027-0007-0015, A 027-0007-0017, A 027-0007-0023, A 027-0007-0024.3, A 027-0008-0003, A 027-0013-0013
Title: AN ACT TO AMEND SECTION 27-7-9, MISSISSIPPI CODE OF 1972, TO DELETE THE PROVISION PROVIDING THAT COMPLIANCE WITH FEDERAL REGULATIONS PROMULGATED UNDER SECTION 482 OF THE UNITED STATES INTERNAL REVENUE CODE SHALL CONSTITUTE "ARMS-LENGTH" FOR THE PURPOSE OF DETERMINING WHETHER A TRANSACTION BY A CORPORATION OR OTHER LEGAL ENTITY IS AT "ARMS-LENGTH" FOR STATE INCOME TAX PURPOSES AND TO PROVIDE THAT THE COMMISSIONER SHALL CONSIDER CERTAIN CRITERIA WHEN DETERMINING WHETHER A TRANSACTION IS ARMS-LENGTH; 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.
End Of Document
2001/pdf/History/HB/HB1695.htm