MISSISSIPPI LEGISLATURE

1999 Regular Session

To: Ways and Means

By: Representatives Chaney, Cameron, Ellington, Janus, Johnson, Ketchings, Moss

AN ACT TO AMEND SECTION 27-9-11, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE AMOUNT OF THE DEDUCTION FROM THE GROSS ESTATE OF A RESIDENT USED TO DETERMINE THE VALUE OF THE TAXABLE ESTATE FOR PURPOSES OF THE STATE ESTATE TAX LAW WILL ALWAYS BE THE SAME AS THE AMOUNT OF THE ESTATE TAX DEDUCTION PROVIDED UNDER FEDERAL LAW; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 27-9-11, Mississippi Code of 1972, is amended as follows:

27-9-11. Except as otherwise provided in this section, for the purposes of the tax imposed by this chapter the value of the taxable estate shall be determined in the case of a resident by deducting from the gross estate, after the deductions provided for in Section 27-9-9 have been made, the sum of One Hundred Twenty Thousand Six Hundred Sixty-six Dollars ($120,666.00) in the case of a decedent dying in 1978; the sum of One Hundred Thirty-four Thousand Dollars ($134,000.00) in the case of a decedent dying in 1979; the sum of One Hundred Forty-seven Thousand Three Hundred Thirty-three Dollars ($147,333.00) in the case of a decedent dying in 1980; the sum of One Hundred Sixty-one Thousand Five Hundred Sixty-three Dollars ($161,563.00) in the case of a decedent dying in 1981; and the sum of One Hundred Seventy-five Thousand Six Hundred Twenty-five Dollars ($175,625.00) in the case of a decedent dying in 1982 or any date thereafter prior to October 1, 1988; the sum of Four Hundred Thousand Dollars ($400,000.00) in the case of a decedent dying on or after October 1, 1988, but prior to October 1, 1989; the sum of Five Hundred Thousand Dollars ($500,000.00) in the case of a decedent dying on or after October 1, 1989, but prior to October 1, 1990; * * * the sum of Six Hundred Thousand Dollars ($600,000.00) in the case of a decedent dying on or after October 1, 1990, but prior to January 1, 1998; the sum of Six Hundred Twenty-five Thousand Dollars ($625,000.00) in the case of a decedent dying in 1998; the sum of Six Hundred Fifty Thousand Dollars ($650,000.00) in the case of a decedent dying in 1999; the sum of Six Hundred Seventy-five Thousand Dollars ($675,000.00) in the case of a decedent dying in 2000 or 2001; the sum of Seven Hundred Thousand Dollars ($700,000.00) in the case of a decedent dying in 2002 or 2003; the sum of Eight Hundred Fifty Thousand Dollars ($850,000.00) in the case of a decedent dying in 2004; the sum of Nine Hundred Fifty Thousand Dollars ($950,000.00) in the case of a decedent dying in 2005; and the sum of One Million Dollars ($1,000,000.00) in the case of a decedent dying on or after January 1, 2006.

In the case of a decedent dying on or after January 1, 1998, the amount deducted from the gross estate shall be the same as the amount provided under the Internal Revenue Code of 1986, as amended, if the amount of the deduction under the Internal Revenue Code of 1986, as amended, is different from the deduction provided in the first paragraph of this section.

SECTION 2. Nothing in this act shall affect or defeat any claim, assessment, appeal, suit, right or cause of action for taxes due or accrued under the estate tax laws before the date on which this act becomes effective, whether such claims, assessments, appeals, suits or actions have been begun before the date on which this act becomes effective or are begun thereafter; and the provisions of the estate tax laws are expressly continued in full force, effect and operation for the purpose of the assessment, collection and enrollment of liens for any taxes due or accrued and the execution of any warrant under such laws before the date on which this act becomes effective, and for the imposition of any penalties, forfeitures or claims for failure to comply with such laws.

SECTION 3. This act shall take effect and be in force from and after January 1, 1999.