MISSISSIPPI LEGISLATURE

1999 Regular Session

To: Ways and Means

By: Representative Cameron

AN ACT TO AMEND SECTION 27-9-11, MISSISSIPPI CODE OF 1972, TO INCREASE 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; 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. 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; * * * and the sum of One Million Dollars ($1,000,000.00) in the case of a decedent dying on or after January 1, 2002.

SECTION 2. This act shall take effect and be in force from and after July 1, 1999.