Bill Text | History of Actions | Background | Title |
Description: Estate tax; provide that tax schedule and deductions shall not be coupled to federal law and provide for in state law.
Bill Text: [Introduced]
| 1 | 01/17 (S) Referred To Finance | |
| 2 | 02/23 (S) Died In Committee |
| Effective date | January 1, 2005 | |
| Disposition | Dead | |
| Deadline | Revenue | |
| Revenue | Yes | |
| Vote type required | Three/Fifths |
Senate Committee:
Principal Author: Dawkins
Additional Author: Williamson
Code Sections: A 027-0009-0005, A 027-0009-0011, RP 027-0009-0059
Title: AN ACT TO AMEND SECTION 27-9-5, MISSISSIPPI CODE OF 1972, TO PROVIDE A STATE ESTATE TAX SCHEDULE FOR DECEDENTS DYING ON OR AFTER JANUARY 1, 2005, THAT IS EQUAL TO THE ESTATE TAX SCHEDULE FOR DECEDENTS DYING BEFORE JANUARY 1, 2000; TO AMEND SECTION 27-9-11, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE STANDARD DEDUCTION FROM THE GROSS ESTATE FOR ESTATE TAX PURPOSES SHALL BE $675,000.00, WHICH IS THE AMOUNT OF THE DEDUCTION FOR DECEDENTS DYING IN 2000 OR 2001; TO REPEAL SECTION 27-9-59, MISSISSIPPI CODE OF 1972, WHICH PROVIDES THAT THE ESTATE TAX LAW OF THIS STATE SHALL REMAIN IN FORCE AND EFFECT SO LONG AS THE GOVERNMENT OF THE UNITED STATES RETAINS IN FULL FORCE AND EFFECT AS A PART OF THE REVENUE LAWS OF THE UNITED STATES A FEDERAL ESTATE TAX, PROVIDES THAT THE ESTATE TAX LAWS SHALL BE REPEALED WHEN THE GOVERNMENT OF THE UNITED STATES CEASES TO IMPOSE AN ESTATE TAX, AND PROVIDES THAT WHEREVER POSSIBLE THE TERMS OF THIS STATUTE SHALL BE CONSTRUED IN CONFORMITY WITH SIMILAR PROVISIONS OF THE ESTATE TAX LAW OF THE UNITED STATES; AND FOR RELATED PURPOSES.
End Of Document
2005/html/History/SB/SB2827.htm