MISSISSIPPI LEGISLATURE
2015 Regular Session
To: Finance
By: Senator(s) Fillingane
AN ACT TO REPEAL SECTION 27-7-308, MISSISSIPPI CODE OF 1972, WHICH REQUIRES THE BUYER OF REAL PROPERTY OWNED BY A NONRESIDENT TO WITHHOLD A PORTION OF THE AMOUNT REALIZED BY THE SELLER ON THE SALE WHEN THE SALE IS NOT CONSIDERED AN EXCHANGE OR TRADE OF PROPERTY AND RESULTS IN GROSS PROCEEDS GREATER THAN $100,000.00; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 27-7-308, Mississippi Code of 1972, which requires the buyer of real property owned by a nonresident to withhold a portion of the amount realized by the seller on the sale when the sale is not considered an exchange or trade of property and results in gross proceeds greater than One Hundred Thousand Dollars ($100,000.00) to a seller, is repealed.
SECTION 2. This act shall take effect and be in force from and after January 1, 2015.