MISSISSIPPI LEGISLATURE
2005 Regular Session
To: Ways and Means
By: Representative Gunn
AN ACT TO AMEND SECTION 27-9-5, MISSISSIPPI CODE OF 1972, TO CLARIFY THAT THE LEVY OF STATE ESTATE TAX AND THE TRANSFER OF A NET ESTATE IS SUBJECT TO A STATE DEATH TAX CREDIT IN THE AMOUNT PERMITTED AS A CREDIT IN COMPUTING FEDERAL ESTATE TAX; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 27-9-5, Mississippi Code of 1972, is amended as follows:
[For decedents dying after March 22, 1956, and before October 1, 1988, this section shall read as follows:]
27-9-5. A tax equal to the sum of the following percentages of the value of the net estate is hereby imposed upon the transfer of the net estate of every decedent dying after March 22, 1956, and before October 1, 1988, whether a resident or a nonresident of the State of Mississippi:
MISSISSIPPI ESTATE TAX SCHEDULE
Over But not over Of excess over
$ -0- $ 60,000 1%
60,000 100,000 $ 600 plus 1.6% 60,000
100,000 200,000 1,240 plus 2.4% 100,000
200,000 400,000 3,640 plus 3.2% 200,000
400,000 600,000 10,040 plus 4.0% 400,000
600,000 800,000 18,040 plus 4.8% 600,000
800,000 1,000,000 27,640 plus 5.6% 800,000
1,000,000 1,500,000 38,840 plus 6.4% 1,000,000
1,500,000 2,000,000 70,840 plus 7.2% 1,500,000
2,000,000 2,500,000 106,840 plus 8.0% 2,000,000
2,500,000 3,000,000 146,840 plus 8.8% 2,500,000
3,000,000 3,500,000 190,840 plus 9.6% 3,000,000
3,500,000 4,000,000 238,840 plus 10.4% 3,500,000
4,000,000 5,000,000 290,840 plus 11.2% 4,000,000
5,000,000 6,000,000 402,840 plus 12.0% 5,000,000
6,000,000 7,000,000 522,840 plus 12.8% 6,000,000
7,000,000 8,000,000 650,840 plus 13.6% 7,000,000
8,000,000 9,000,000 786,840 plus 14.4% 8,000,000
9,000,000 10,000,000 930,840 plus 15.2% 9,000,000
10,000,000 and over 1,082,840 plus 16.0% 10,000,000
Provided, however, that the tax due under this section shall not be less than the state death tax credit allowable under Title 26, Section 2011, USCS.
[For decedents dying on or after October 1, 1988, and before October 1, 1989, this section shall read as follows:]
27-9-5. A tax equal to the sum of the following percentages of the value of the net estate is hereby imposed upon the transfer of the net estate of every decedent dying on or after October 1, 1988, and before October 1, 1989, whether a resident or a nonresident of the State of Mississippi:
MISSISSIPPI ESTATE TAX SCHEDULE
Over But not over Of excess over
$ -0- $ 100,000 1.7%
100,000 200,000 1,700 plus 3.4% 100,000
200,000 400,000 5,100 plus 5.2% 200,000
400,000 600,000 15,500 plus 6.6% 400,000
600,000 800,000 28,700 plus 8.0% 600,000
800,000 1,000,000 44,700 plus 9.7% 800,000
1,000,000 1,500,000 64,100 plus 11.4% 1,000,000
1,500,000 2,000,000 121,100 plus 12.7% 1,500,000
2,000,000 2,500,000 184,600 plus 14.0% 2,000,000
2,500,000 3,000,000 254,600 plus 15.3% 2,500,000
3,000,000 3,500,000 331,100 plus 16.7% 3,000,000
3,500,000 And over 414,600 plus 18.4% 3,500,000
Provided, however, that the tax due under this section shall not be less than the state death tax credit allowable under Title 26, Section 2011, USCS.
[For decedents dying on or after October 1, 1989, and before October 1, 1990, this section shall read as follows:]
27-9-5. A tax equal to the sum of the following percentages of the value of the net estate is hereby imposed upon the transfer of the net estate of every decedent dying on or after October 1, 1989, and before October 1, 1990, whether a resident or a nonresident of the State of Mississippi:
MISSISSIPPI ESTATE TAX SCHEDULE
Over But not over Of excess over
$ -0- $ 100,000 1.4%
100,000 200,000 1,400 plus 2.8% 100,000
200,000 400,000 4,200 plus 4.4% 200,000
400,000 600,000 13,000 plus 5.75% 400,000
600,000 800,000 24,500 plus 6.9% 600,000
800,000 1,000,000 38,300 plus 8.3% 800,000
1,000,000 1,500,000 54,900 plus 9.7% 1,000,000
1,500,000 2,000,000 103,400 plus 10.85% 1,500,000
2,000,000 2,500,000 157,650 plus 12.0% 2,000,000
2,500,000 3,000,000 217,650 plus 13.15% 2,500,000
3,000,000 3,500,000 283,400 plus 14.3% 3,000,000
3,500,000 4,000,000 354,900 plus 15.7% 3,500,000
4,000,000 5,000,000 433,400 plus 16.1% 4,000,000
5,000,000 6,000,000 594,400 plus 16.5% 5,000,000
6,000,000 7,000,000 759,400 plus 16.9% 6,000,000
7,000,000 8,000,000 928,400 plus 17.3% 7,000,000
8,000,000 9,000,000 1,101,400 plus 17.7% 8,000,000
9,000,000 10,000,000 1,278,400 plus 18.1% 9,000,000
10,000,000 and over 1,459,400 plus 18.5% 10,000,000
Provided, however, that the tax due under this section shall not be less than the state death tax credit allowable under Title 26, Section 2011, USCS.
[For decedents dying on or after October 1, 1990, and before January 1, 2000, this section shall read as follows:]
27-9-5. A tax equal to the sum of the following percentages of the value of the net estate is hereby imposed upon the transfer of the net estate of every decedent dying on or after October 1, 1990, whether a resident or a nonresident of the State of Mississippi:
MISSISSIPPI ESTATE TAX SCHEDULE
Over But not over Of excess over
$ -0- $ 60,000 1%
60,000 100,000 $ 600 plus 1.6% 60,000
100,000 200,000 1,240 plus 2.4% 100,000
200,000 400,000 3,640 plus 3.2% 200,000
400,000 600,000 10,040 plus 4.0% 400,000
600,000 800,000 18,040 plus 4.8% 600,000
800,000 1,000,000 27,640 plus 5.6% 800,000
1,000,000 1,500,000 38,840 plus 6.4% 1,000,000
1,500,000 2,000,000 70,840 plus 7.2% 1,500,000
2,000,000 2,500,000 106,840 plus 8.0% 2,000,000
2,500,000 3,000,000 146,840 plus 8.8% 2,500,000
3,000,000 3,500,000 190,840 plus 9.6% 3,000,000
3,500,000 4,000,000 238,840 plus 10.4% 3,500,000
4,000,000 5,000,000 290,840 plus 11.2% 4,000,000
5,000,000 6,000,000 402,840 plus 12.0% 5,000,000
6,000,000 7,000,000 522,840 plus 12.8% 6,000,000
7,000,000 8,000,000 650,840 plus 13.6% 7,000,000
8,000,000 9,000,000 786,840 plus 14.4% 8,000,000
9,000,000 10,000,000 930,840 plus 15.2% 9,000,000
10,000,000 and over 1,082,840 plus 16.0% 10,000,000
Provided, however, that the tax due under this said section shall not be less than the state death tax credit allowable under Title 26, Section 2011, USCS.
[For decedents dying on or after January 1, 2000, this section shall read as follows:]
27-9-5. A tax is hereby imposed upon the transfer of the net estate of every decedent dying on or after January 1, 2000, in an amount equal to the maximum amount of state death tax credit permissible as a credit * * * in computing any federal estate tax payable by the estate according to the act of Congress in effect, on the date of the death of the decedent, taxing such estate with respect to the items subject to taxation in Mississippi. The tax imposed by this section shall not exceed the aggregate amounts which may by any law of the United States be allowed to be credited against * * * federal estate tax. The tax imposed by this section shall be due in the proportion that the estate located in Mississippi bears to the entire estate wherever located. The estate tax hereby imposed by this section shall only be exercised or enforced to the extent of absorbing the amount of any * * * credit which may be permitted by the laws of the United States now existing or hereafter enacted to be claimed as a * * * credit against such similar tax of the United States applicable to Mississippi estates.
SECTION 2. This act shall take effect and be in force from and after January 1, 2005.