reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 5 - MOTOR VEHICLE COMPTROLLER (§§ 27-5-1 — 27-5-159) › TRANSFER OF FUNCTIONS TO STATE TAX COMMISSION (§§ 27-5-151 — 27-5-159) › Section 27-5-155 - Assumption of contracts and liabilities; transfer of funds, assets, records, equipment and the like

(1)
The State Tax Commission shall assume and honor all contracts, indebtedness, liabilities and other obligations which have been incurred prior to July 1, 1980, by the office of motor vehicle comptroller as to those powers, responsibilities, duties, functions, privileges, or rights that are transferred by Sections
27-5-151
through
27-5-159
, but only to the extent that the contracts, indebtedness, liabilities or other obligations were lawfully incurred by the office of motor vehicle comptroller.
(2)
The State Tax Commission is hereby entitled to the receipt of all funds, assets, monies or accounts to which the office of motor vehicle comptroller has been, is or will be entitled, pursuant to the transfer of duties as provided in Sections
27-5-151
through
27-5-159
.
(3)
The State Tax Commission is hereby entitled to the receipt of all funds, assets, monies or accounts related to the transfer of duties pursuant to Sections
27-5-151
through
27-5-159
to which the motor vehicle comptroller has been, is or will be entitled, pursuant to the transfer of duties as provided in Sections
27-5-151
through
27-5-159
.
(4)
The State Tax Commission is hereby entitled to the receipt of all relevant and material records, reports, statistics, files or other documents and any equipment, automobiles, furniture or other property related thereto of the office of motor vehicle comptroller pursuant to the transfer of duties as provided in Sections
27-5-151
through
27-5-159
.
Laws, 1980, ch. 561, § 3, eff. 7/2/1980.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 5 - MOTOR VEHICLE COMPTROLLER (§§ 27-5-1 — 27-5-159) › TRANSFER OF FUNCTIONS TO STATE TAX COMMISSION (§§ 27-5-151 — 27-5-159) › Section 27-5-157 - Preferential status of employees terminated due to consolidation

Any individual whose employment is terminated because of a duplication of effort or position resulting from the agency consolidation provided for in Sections
27-5-151
through
27-5-159
may be given preferential status if he makes application for further state employment, all other qualifications being satisfied.
Laws, 1980, ch. 561, § 4, eff. 7/2/1980.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 5 - MOTOR VEHICLE COMPTROLLER (§§ 27-5-1 — 27-5-159) › TRANSFER OF FUNCTIONS TO STATE TAX COMMISSION (§§ 27-5-151 — 27-5-159) › Section 27-5-159 - Maintenance of books, records and accounts by persons liable for taxes; inspection by commission

(1)
All persons who are liable for any taxes under any law transferred to the state tax commission by the provisions of Sections
27-5-151
through 27-5-159 shall keep full, complete, adequate and intelligible records, books and accounts in the English language, which books, records and accounts shall truly and correctly show and disclose the amount and extent of the liability of such person for such taxes and all other pertinent and material matters and facts with reference to such person's liability for such taxes. Such records shall be kept and preserved by such person for a period of three (3) years. The state tax commission shall have the power and authority to require all persons liable for any taxes under any of the laws which the commission is required to administer and enforce pursuant to Sections
27-5-151
through 27-5-159 to produce within this state, at such reasonable time and place as the commission may designate, any and all books, accounts, papers and records within or without this state pertaining to their liability for taxes under any of the laws which the commission is required to enforce pursuant to Sections
27-5-151
through 27-5-159, or for any other purpose relating to the enforcement and administration of such laws. The commission shall also have the power and authority to examine and inspect during the usual business hours of the day all records, books, papers and accounts of any person pertaining to the tax liability of such person under any of the laws which the commission is required to enforce pursuant to Sections
27-5-151
through 27-5-159 and for any other purpose in connection with such laws.
(2)
The term "person" as used in this section shall mean any individual, partnership, corporation, firm or other legal entity.
Laws, 1980, ch. 561, § 5, eff. 7/2/1980.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 7 - INCOME TAX AND WITHHOLDING (§§ 27-7-1 — 27-7-NEW-002) › Article 1 - INCOME TAX (§§ 27-7-1 — 27-7-109) › Section 27-7-1 - Citation of article

This article may be cited as the Income Tax Law of 1952.
Codes, 1942, § 9220-01; Laws, 1952, ch. 402, § 1, eff. 1/1/1952.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 7 - INCOME TAX AND WITHHOLDING (§§ 27-7-1 — 27-7-NEW-002) › Article 1 - INCOME TAX (§§ 27-7-1 — 27-7-109) › Section 27-7-3 - Definitions

When used in this article:
(a)
"Taxpayer" includes any individual, partnership, corporation, association, trust or estate, subject to a tax imposed hereunder, or whose income is, in whole or in part, subject to a tax imposed hereunder.
(b)
"Domestic," when applied to any corporation or association, including partnerships, means created or organized in the State of Mississippi.
(c)
"Foreign," when applied to any corporation or association, including partnerships, means created or organized outside the State of Mississippi.
(d)
"Fiduciary" means a guardian, trustee, executor, administrator, receiver, conservator, or any person, whether individual or corporate, acting in any fiduciary capacity, for any person, trust, or estate.
(e)
"Resident" means a natural person and includes, for the purpose of determining liability for the tax imposed by this article upon or with reference to the income of any taxable year, any person domiciled in the State of Mississippi and any other person who maintains a legal or actual residence within the state.
(f)
"Nonresident," when used in connection with this article, shall apply to any natural person whose domicile and place of abode is without the State of Mississippi.
(g)
"Foreign country" or "foreign government" means any jurisdiction other than the one embraced within the United States. The words "United States" includes the states, the District of Columbia, and the territorial possessions of the United States.
(h)
"State Tax Commission" or "Tax Commission" means the Department of Revenue. "Commission" or "department" also means the Department of Revenue except where such words are specifically given other meanings.
(i)
"Commissioner," "Chairman of the Mississippi State Tax Commission," "Chairman of the State Tax Commission," "chairman of the commission" or "chairman" means the Commissioner of Revenue of the Department of Revenue.
(j)
"Taxable year" means the calendar year, or fiscal year ending during such calendar year, upon the basis of which the net income is computed hereunder. "Fiscal year" means an accounting period of twelve (12) months, ending on the last day of any month other than December.
(k)
"Paid or accrued" means paid or accrued, or paid or incurred, and these terms, "paid or incurred" or "paid or accrued," shall be construed according to the method of accounting or the basis on which the net income is computed. The term "received for the purpose of computation of net income" means received or accrued, and the term "received or accrued" shall be construed according to the method of accounting or the basis on which the net income is computed.
(l)
"Dividend" means any distribution made by a corporation, association, trust or estate, to its shareholders or members, whether in cash, other property, or its own stock.
Codes, 1942, § 9220-02; Laws, 1934, ch. 120; Laws, 1952, ch. 402, § 2; Laws, 2009, ch. 492, § 41, eff. 7/1/2010.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 7 - INCOME TAX AND WITHHOLDING (§§ 27-7-1 — 27-7-NEW-002) › Article 1 - INCOME TAX (§§ 27-7-1 — 27-7-109) › Section 27-7-7 - Tax a debt

The tax imposed by this article, and all increases, interest and penalties provided for in connection with such tax, shall be in addition to all other taxes imposed by law. The tax imposed pursuant to this article, and the increases, interest and penalties provided in connection with such tax shall, in addition to being a tax against the property, business, trade, profession or occupation, be and become from the time same is due and payable a personal debt of the taxpayer liable to pay the same to the state and said increases, interest and penalties which shall accrue shall be recoverable as a part of the tax with respect to which they are imposed.
Codes, 1942, § 9220-04; Laws, 1934, ch. 120; Laws, 1952, ch. 402, § 4-a; Laws, 1954, ch. 389.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 7 - INCOME TAX AND WITHHOLDING (§§ 27-7-1 — 27-7-NEW-002) › Article 1 - INCOME TAX (§§ 27-7-1 — 27-7-109) › Section 27-7-11 - Inventories

Whenever, in the opinion of the commissioner, the use of inventories is necessary in order to clearly determine the income of any taxpayer, inventories shall be taken by such taxpayer upon such basis as the commissioner may prescribe, with the approval of the governor, in order to conform as nearly as may be to the best accounting practice in the trade or business, and in order to clearly reflect the income.
Codes, 1942, § 9220-06; Laws, 1934, ch. 120; Laws, 1952, ch. 402, § 5, eff. 1/1/1952.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 7 - INCOME TAX AND WITHHOLDING (§§ 27-7-1 — 27-7-NEW-002) › Article 1 - INCOME TAX (§§ 27-7-1 — 27-7-109) › Section 27-7-13 - Net income defined

(1)
The term "net income" means the gross income as defined hereunder, less allowable business expenses and expenses incurred in the taxpayer's regular trade or profession.
(2)
The net income which may be subjected to tax shall be determined upon the basis of the taxpayer's annual accounting period, either fiscal or calendar year, and in keeping with the method or manner of accounting regularly employed by the taxpayer in maintaining his or its books of account. Any departure from such books of account shall be made only because of the necessity of omitting certain income excluded from gross income under the provisions of this article, or excluding such deductions which are not provided for herein; provided, however, that in the case of taxpayers subject to regulation by any federal governmental regulatory agency or by a regulatory agency of the State of Mississippi, adjustments will be made from the books of account, if necessary, so as to reflect the taxpayer's true net income. Estimated deductions shall be subject to the approval of the commissioner.
(3)
But, if no such method and manner of accounting has been employed, or if the method or manner employed does not clearly reflect the income, the computation shall be made upon such basis and in such manner as, in the opinion of the commissioner, clearly reflects the income.
(4)
If the taxpayer's annual accounting period is other than a fiscal year as defined in this article, or if he has no annual accounting period, or does not keep books, the net income shall be computed upon the basis of the calendar year.
(5)
The taxpayer may elect to file his first return on the basis of receipts and disbursements or the accrual basis, but having exercised this election, he must secure the permission of the commissioner to change such basis.
Codes, 1942, § 9220-07; Laws, 1934, ch. 120; Laws, 1952, ch. 402, § 6; Laws, 1958, ch. 554, § 2; Laws, 1966, ch. 628, § 1, eff. 6/17/1966.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 7 - INCOME TAX AND WITHHOLDING (§§ 27-7-1 — 27-7-NEW-002) › Article 1 - INCOME TAX (§§ 27-7-1 — 27-7-109) › Section 27-7-16 - Gross income; treatment of employees' pension trusts, tax-sheltered annuities, deferred compensation plans, self-employed retirement plans, and individual retirement accounts or retirement bonds

Amounts contributed in the taxable year by employees and/or self-employed individuals, including partners, to an employees' pension trust, tax-sheltered annuity plan, authorized deferred compensation plan, self-employed retirement plan, individual retirement account or retirement bond which meets the requirements of a qualified plan under the provisions of the Internal Revenue Code of 1986, as amended, shall be deductible from gross income, subject to the conditions and limitations of the Internal Revenue Code of 1986, as amended. Amounts contributed in the taxable year to a Roth individual retirement account shall be treated in the same manner as provided under the Internal Revenue Code of 1986, as amended.
Laws, 1977, ch. 402, §§ 1, 2; Laws, 1979, ch. 302, § 4; Laws, 1986, ch. 393, § 3; Laws, 1987, ch. 423, § 2; Laws, 1991, ch. 524, § 11; Laws, 1995, ch. 346, § 1; Laws, 1998, ch. 448, § 2, eff. 1/1/1998.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 7 - INCOME TAX AND WITHHOLDING (§§ 27-7-1 — 27-7-NEW-002) › Article 1 - INCOME TAX (§§ 27-7-1 — 27-7-109) › Section 27-7-19 - Items not deductible

In computing net income, no deductions shall, in any case, be allowed in respect of:
(a)
Personal, living or family expenses.
(b)
Any amount paid out for new buildings or permanent improvements or betterments made to increase the value of any property or estate, except in computing the net income from sale of such property.
(c)
Any amount expended in restoring property or making good the exhaustion thereof for which an allowance is, or has been, made.
(d)
Premiums paid on any life insurance policy of an officer or employee or to any persons financially interested in any trade or business carried on by the taxpayer when the taxpayer is directly or indirectly a beneficiary under such policy.
(e)
The shrinkage value of property by whatever name called.
(f)
Sums representing interest, rents, salaries or other sums paid under contracts or agreements between husband and wife.
(g)
Losses sustained or realized from transactions between husband and wife; parent and child; relations by blood or marriage (within the third degree computed according to the rules of the civil law); or individuals who have one common parent; or corporation and individual where the individual owns five percent (5%) or more of the stock of the corporation.
Codes, 1942, § 9220-10; Laws, 1934, ch. 120; Laws, 1938, ch. 116; Laws, 1942, ch. 134; Laws, 1952, ch. 402, § 9, eff. 1/1/1952.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 7 - INCOME TAX AND WITHHOLDING (§§ 27-7-1 — 27-7-NEW-002) › Article 1 - INCOME TAX (§§ 27-7-1 — 27-7-109) › Section 27-7-20 - Casualty losses of individuals

Casualty losses of individuals shall be computed and allowed in accordance with the provisions of the Internal Revenue Code, rules, regulations and revenue procedures relating to casualty and theft losses and disaster losses not in direct conflict with the provisions of the Mississippi Income Tax Law.
The State Tax Commission shall apply a special rule with respect to any loss attributable to a disaster occurring in an area subsequently determined by the President of the United States to warrant assistance by the federal government under the Disaster Relief Act of 1974. In lieu of the net operating loss carryover provision, a "net casualty loss" deduction may result when itemized deductions, including the original casualty loss, exceed gross income. The "net casualty loss" shall be computed with the following modifications:
(a)
No other net casualty loss deduction shall be allowed.
(b)
No net operating loss deduction shall be allowed.
(c)
No deduction for personal and additional exemptions shall be allowed.
(d)
Allowable deductions which are not attributable to a taxpayer's trade or business shall be allowed only to the extent of the amount of the gross income not derived from such trade or business.
The "net casualty loss" is allowed as a deduction from gross income and may be carried back to each of the three (3) years preceding the tax year in which the original casualty loss is claimed or as otherwise provided under the Internal Revenue Code. If the net casualty loss deduction is not exhausted within the three (3) preceding years or as otherwise provided under the Internal Revenue Code, any net casualty loss remaining shall be carried over to each of the seven (7) years following the tax year in which the original casualty loss is claimed. In determining the amount of any net casualty loss carryback or carryover to any tax year, the necessary computations involving any other tax year shall be made under the law applicable to such other tax year.
Laws, 1979, 1st Ex Sess. ch. 8, § 1; Laws, 1985, ch. 521, § 2; Laws, 2007, ch. 466, § 1, eff. 1/1/2007.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 7 - INCOME TAX AND WITHHOLDING (§§ 27-7-1 — 27-7-NEW-002) › Article 1 - INCOME TAX (§§ 27-7-1 — 27-7-109) › Section 27-7-22.1 - [Repealed]

Repealed by operation of law on1/1/1999, by Laws, 1997, ch. 316, § 22.
Laws, 1993, ch. 557, § 1; Laws, 1997, ch. 316, § 22, eff. 3/12/1997.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 7 - INCOME TAX AND WITHHOLDING (§§ 27-7-1 — 27-7-NEW-002) › Article 1 - INCOME TAX (§§ 27-7-1 — 27-7-109) › Section 27-7-22.3 - [Repealed Effective 10/1/2025] credit against state income taxes for authorized companies

[In cases involving an economic development project for which the Mississippi Business Finance Corporation has issued bonds for the purpose of financing the approved costs of such project prior to July 1, 1994, this section shall read as follows:]
(1)
For taxpayers who are required to pay a job assessment fee as provided in Section
57-10-413
, there shall be allowed as a credit against the taxes imposed by this chapter, an amount equal to the amount of the job assessment fee imposed upon such taxpayer pursuant to Section
57-10-413
. If the amount allowable as a credit exceeds the tax imposed by this article and Section 27-7-22.3, the amount of such excess shall not be refundable or carried forward to any other taxable year.
(2)
For any approved company as defined in Section
57-10-401
, there shall be allowed against the taxes imposed by this chapter on the income of the approved company generated by or arising out of the economic development project (as defined in Section
57-10-401
), a credit in an amount not to exceed the total debt service paid under a financing agreement entered into under Section
57-10-409
. The tax credit allowed in this subsection shall not exceed the amount of taxes due the State of Mississippi.
Laws, 1993, ch. 565, § 24; Laws, 1994, ch. 525, § 1; Laws, 1997, ch. 576, § 24; reenacted without change, Laws, 2000, ch. 425, § 24; reenacted without change, Laws, 2001, ch. 337, § 24; reenacted without change, Laws, 2005, ch. 399, § 24; reenacted without change, Laws, 2007, ch. 389, § 24; reenacted without change, Laws, 2011, ch. 519, § 24, eff. 7/1/2011.
Reenacted without change by Laws, 2022, ch. 381, SB 2846,§ 25, eff. 7/1/2022.
Reenacted without change by Laws, 2017, ch. 325, SB 2474, 25, eff. 7/1/2017.
Reenacted without change by Laws, 2015, ch. 398, SB 2658, 25, eff. 7/1/2015.
This section is set out more than once due to postponed, multiple, or conflicting amendments.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 7 - INCOME TAX AND WITHHOLDING (§§ 27-7-1 — 27-7-NEW-002) › Article 1 - INCOME TAX (§§ 27-7-1 — 27-7-109) › Section 27-7-22.3 - [Repealed Effective 10/1/2025] Credit for employees who pay job assessment fee; credit against state income taxes for authorized companies (§ 27-7-22.3) › 1

[In cases involving an economic development project for which the Mississippi Business Finance Corporation has not issued bonds for the purpose of financing the approved costs of such project prior to July 1, 1994, but has issued bonds for such project prior to July 1, 1997, or in cases involving an economic development project which has been induced by a resolution of the Board of Directors of the Mississippi Business Finance Corporation that has been filed with the State Tax Commission prior to July 1, 1997, this section shall read as follows:]
(1)
For taxpayers who are required to pay a job assessment fee as provided in Section
57-10-413
, there shall be allowed as a credit against the taxes imposed by this chapter, an amount equal to the amount of the job assessment fee imposed upon such taxpayer pursuant to Section
57-10-413
. If the amount allowable as a credit exceeds the tax imposed by this article and Section 27-7-22.3, the amount of such excess shall not be refundable or carried forward to any other taxable year.
(2)
For any approved company as defined in Section
57-10-401
, there shall be allowed against the taxes imposed by this chapter on the income of the approved company generated by or arising out of the economic development project (as defined in Section
57-10-401
), a credit in an amount not to exceed the total debt service paid under a financing agreement entered into under Section
57-10-409
. The tax credit allowed in this subsection shall not exceed the amount of taxes due the State of Mississippi. The amount of income of the approved company generated by or arising out of the economic development project shall be determined by a formula adopted by the Mississippi Business Finance Corporation.
Laws, 1993, ch. 565, § 24; Laws, 1994, ch. 525, § 1; Laws, 1997, ch. 576, § 24; reenacted without change, Laws, 2000, ch. 425, § 24; reenacted without change, Laws, 2001, ch. 337, § 24; reenacted without change, Laws, 2005, ch. 399, § 24; reenacted without change, Laws, 2007, ch. 389, § 24; reenacted without change, Laws, 2011, ch. 519, § 24, eff. 7/1/2011.
Reenacted without change by Laws, 2022, ch. 381, SB 2846,§ 25, eff. 7/1/2022.
Reenacted without change by Laws, 2017, ch. 325, SB 2474, 25, eff. 7/1/2017.
Reenacted without change by Laws, 2015, ch. 398, SB 2658, 25, eff. 7/1/2015.
This section is set out more than once due to postponed, multiple, or conflicting amendments.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 7 - INCOME TAX AND WITHHOLDING (§§ 27-7-1 — 27-7-NEW-002) › Article 1 - INCOME TAX (§§ 27-7-1 — 27-7-109) › Section 27-7-22.3 - [Repealed Effective 10/1/2025] Credit for employees who pay job assessment fee; credit against state income taxes for authorized companies (§ 27-7-22.3) › 2

[In cases involving an economic development project for which the Mississippi Business Finance Corporation has not issued bonds for the purpose of financing the approved costs of such project prior to July 1, 1997, or in cases involving an economic development project which has not been induced by a resolution of the Board of Directors of the Mississippi Business Finance Corporation that has been filed with the State Tax Commission prior to July 1, 1997, this section shall read as follows:]
For any approved company as defined in Section
57-10-401
, there shall be allowed against the taxes imposed by this chapter on the income of the approved company generated by or arising out of the economic development project (as defined in Section
57-10-401
), a credit in an amount not to exceed the total debt service paid under a financing agreement entered into under Section
57-10-409
; provided, however, that the tax credit allowed in this subsection shall not exceed eighty percent (80%) of the amount of taxes due the State of Mississippi prior to the application of the credit. To the extent that financing agreement annual payments exceed the amount of the credit authorized pursuant to this section in any taxable year, such excess payment may be recouped from excess credits in succeeding years not to exceed three (3) years following the date upon which the credit was earned. The amount of income of the approved company generated by or arising out of the economic development project shall be determined by a formula adopted by the Mississippi Business Finance Corporation.
Laws, 1993, ch. 565, § 24; Laws, 1994, ch. 525, § 1; Laws, 1997, ch. 576, § 24; reenacted without change, Laws, 2000, ch. 425, § 24; reenacted without change, Laws, 2001, ch. 337, § 24; reenacted without change, Laws, 2005, ch. 399, § 24; reenacted without change, Laws, 2007, ch. 389, § 24; reenacted without change, Laws, 2011, ch. 519, § 24, eff. 7/1/2011.
Reenacted without change by Laws, 2022, ch. 381, SB 2846,§ 25, eff. 7/1/2022.
Reenacted without change by Laws, 2017, ch. 325, SB 2474, 25, eff. 7/1/2017.
Reenacted without change by Laws, 2015, ch. 398, SB 2658, 25, eff. 7/1/2015.
This section is set out more than once due to postponed, multiple, or conflicting amendments.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 7 - INCOME TAX AND WITHHOLDING (§§ 27-7-1 — 27-7-NEW-002) › Article 1 - INCOME TAX (§§ 27-7-1 — 27-7-109) › Section 27-7-22.9 - [Repealed Effective 12/31/2025] Income tax credit for charges for using certain public port facilities; annual report regarding impact of section 27-7-22.7

The Mississippi Development Authority shall report annually to the Legislature regarding the impact of the credit granted in Section
27-7-22.7
on shipping and economic growth. Each report shall show the overall annual increase on shipping at each port for the most recent year for which data is available and for each of the previous five (5) years. Each report shall estimate the number of jobs created or retained at each port and in businesses related to port activity at each port since January 1, 1994, as compared to the number of similar jobs created during the ten (10) years preceding January 1, 1994. Each report shall state the net economic impact on the state as a result of the tax credit provided for in Section
27-7-22.7
. The Mississippi Development Authority shall file a copy of the report with the Governor, the Secretary of the Senate, the Clerk of the House of Representatives and the Chairmen of the House Ways and Means Committee and the Senate Finance Committee of the Legislature on May 1 of each year. The Department of Revenue and all state, county and municipal ports shall cooperate with the Mississippi Development Authority in providing the information required in the annual reports.
Laws, 1994, ch. 492, 2; reenacted without change,Laws, 1998, ch. 548, 2; reenacted and amended, Laws, 2002, ch. 537, 2; reenacted without change,Laws, 2005, ch. 457, 2; reenacted without change,Laws, 2009, ch. 322; reenacted without change, Laws, 2012, ch. 377, 2, eff. 4/17/2012; reenacted without change, Laws, 2019, ch. 321, HB 694,§ 2, eff. 7/1/2019.
Reenacted without change by Laws, 2022, ch. 467, HB 1162,§ 2, eff. 7/1/2022.
Amended by Laws, 2016, ch. 335, HB 1078, 2, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 7 - INCOME TAX AND WITHHOLDING (§§ 27-7-1 — 27-7-NEW-002) › Article 1 - INCOME TAX (§§ 27-7-1 — 27-7-109) › Section 27-7-22.11 - Tax credit under Venture Capital Act of 1994

(1)
Subject to subsection (2) of this section, the amount of the credit that a taxpayer may receive under the Venture Capital Act of 1994 for a particular taxable year is equal to the lesser of:
(a)
The taxpayer's state tax liability for the taxable year; or
(b)
The amount determined in Step Three of the following steps:
Step One: Add the consideration paid for all qualified investments of the taxpayer during the taxable year of the taxpayer.
Step Two: Multiply the amount determined in Step One by three-tenths (3/1
0
).
Step Three: Add the product determined in Step Two to the credit carry-over, if any, to which the taxpayer is entitled for the taxable year under subsection (2) of this section.
(2)
If the amount of the credit determined under subsection (1)(b) of this section exceeds the credit allowed under subsection (1)(a) of this section for that taxable year, then the taxpayer may carry the excess over to the immediately succeeding taxable years; however, the credit carry-over may not be used for any taxable year that begins on or after ten (10) years from the date of the qualified investment. The amount of the credit carry-over from a taxable year must be reduced to the extent that the carry-over is used by the taxpayer to obtain a credit under the Venture Capital Act of 1994 for any subsequent taxable year.
(3)
If a qualified investment which is the basis for a credit under the Venture Capital Act of 1994 is either redeemed by the Magnolia Venture Capital Fund Limited Partnership or Magnolia Venture Capital Corporation or transferred by the holder thereof (other than a redemption or transfer caused by the death of such holder) within five (5) years after the date it is purchased, such credit for the qualified investment shall be disallowed; and any credit previously claimed on the taxpayer's return and allowed as a credit against state tax liability with respect to the qualified investment so redeemed or transferred shall be recaptured in full as additional tax liability on the appropriate state tax return of the taxpayer covering the period in which the redemption or transfer occurs. Neither a distribution by the fund nor dividends or other distributions by Magnolia Venture Capital Corporation are considered to be redemption of a qualified investment unless the proportionate interest of the taxpayer receiving the distribution or dividend in either the assets or income and loss of Magnolia Venture Capital Fund Limited Partnership decreases as the result of the distribution or dividend.
(4)
For purposes of this section the terms "state tax liability," "taxpayer" and "qualified investment" shall have the meaning ascribed to them in Section
57-77-3
.
Laws, 1994, ch. 650, § 5, eff. 1/1/1994.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 7 - INCOME TAX AND WITHHOLDING (§§ 27-7-1 — 27-7-NEW-002) › Article 1 - INCOME TAX (§§ 27-7-1 — 27-7-109) › Section 27-7-22.18 - Job tax credit for business enterprises owning or operating certain projects that create at least 450 new full-time jobs

(1)
Any enterprise owning or operating a project as defined in Section
57-75-5(f) (xviii)
is allowed a job tax credit for taxes imposed by Section
27-7-5
equal to Five Thousand Dollars ($5,000.00) annually for each net new full-time employee job for a period of ten (10) years from the date the credit commences. The credit shall commence on the date selected by the enterprise; provided, however, that the commencement date shall not be more than two (2) years from the date the project becomes fully operational. For the year in which the commencement date occurs, the enterprise must select a date on which it has at least four hundred fifty (450) full-time employees subject to the Mississippi income tax withholding. From that date to the end of the year, the credit will be determined based on the remaining monthly average of full-time employees subject to the Mississippi income tax withholding. For each year thereafter, the number of new full-time jobs created shall be determined by calculating the monthly average number of full-time employees subject to the Mississippi income tax withholding for the year. For every year subsequent to the year the commencement date occurs, the credit is not allowed for any year in which the overall monthly average number of full-time employees subject to the Mississippi income tax withholding falls below the minimum jobs requirement provided in Section
57-75-5(f) (xviii)
. The State Tax Commission shall adjust the credit allowed each year for the net new employment fluctuations.
(2)
For the first five (5) years in which a tax credit is claimed under this section, any tax credit claimed but not used in any taxable year may be carried forward for five (5) consecutive years from the close of the tax year in which the credits were earned. For the remainder of the ten-year period, any tax credit claimed under this section but not used in any taxable year may be carried forward for three (3) consecutive years from the close of the tax year in which the credits were earned. The credit that may be utilized each year shall be limited to an amount not greater than the total state income tax liability of the enterprise that is generated by, or arises out of, the project.
(3)
The tax credits provided for in this section shall be in lieu of the tax credits provided for in Section
57-73-21
and any enterprise utilizing the tax credit authorized in this section shall not utilize the tax credit authorized in Section
57-73-21
.
Laws, 2005, ch. 315, § 6, eff. 1/1/2005.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 7 - INCOME TAX AND WITHHOLDING (§§ 27-7-1 — 27-7-NEW-002) › Article 1 - INCOME TAX (§§ 27-7-1 — 27-7-109) › Section 27-7-22.20 - Investment tax credit for business enterprises owning or operating certain projects with an initial capital investment of at least $600,000,000

(1)
An enterprise owning or operating a project as defined in Section
57-75-5(f) (xviii)
is allowed an annual investment tax credit for taxes imposed by Section
27-7-5
equal to seven and one-half percent (7-1/2%) of the eligible investments made by the enterprise. The credit shall commence on the date selected by the enterprise; provided, however, that the commencement date shall not be more than two (2) years from the date the project becomes fully operational. For the purposes of this section, the term "eligible investment" means the amount of investment in a project as defined in Section
57-75-5(f) (xviii)
that is greater than Four Hundred Million Dollars ($400,000,000.00) and used in the initial establishment of the project.
(2)
Any tax credit claimed under this section but not used in any taxable year may be carried forward for ten (10) consecutive years from the close of the tax year in which the credits were earned. The credit that may be utilized in any one tax year shall be limited to an amount not greater than the total state income tax liability of the enterprise for that year that is generated by, or arises out of, the project.
(3)
The credit received under this section is subject to recapture if the property for which the tax credit was received is disposed of, or converted to, other than business use. The amount of the credit subject to recapture is one hundred percent (100%) of the credit in the first year and fifty percent (50%) of the credit in the second year. This subsection shall not apply in cases in which an entire facility is sold.
Laws, 2005, ch. 315, § 7, eff. 1/1/2005.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 7 - INCOME TAX AND WITHHOLDING (§§ 27-7-1 — 27-7-NEW-002) › Article 1 - INCOME TAX (§§ 27-7-1 — 27-7-109) › Section 27-7-22.22 - Income tax credit for use of taxpayer's land as natural area preserve, wildlife refuge, etc. or for public outdoor recreational opportunities

(1)
A credit is allowed against the taxes imposed by this chapter to a taxpayer for allowing land owned by the taxpayer to be used as a natural area preserve, a wildlife refuge or habitat area, a wildlife management area, or for the purpose of providing public outdoor recreational opportunities, as authorized under Section
49-1-29
,
49-5-71
or
49-5-155
, subject to the following conditions and limitations:
(a)
The land may not be under lease to the Mississippi Commission on Wildlife, Fisheries and Parks, and the commission must approve the land as being suitable for the uses described in this section.
(b)
The amount of the tax credit allowed by this section shall be Five Dollars and Fifty Cents ($5.50) per acre of land in each taxable year.
(c)
In no event shall the amount of the tax credits allowed by this section for a taxable year exceed the taxpayer's liability for those taxes. Any unused credit amount shall be allowed to be carried forward for five (5) years from the close of the taxable year in which the land was approved for such a use. No such credit shall be allowed the taxpayer against prior years' tax liability.
(2)
To claim a credit allowed by this section, the taxpayer shall provide any information required by the Mississippi Commission on Wildlife, Fisheries and Parks or the Mississippi Commissioner of Revenue. Every taxpayer claiming a credit under this section shall maintain and make available for inspection by the Mississippi Commission on Wildlife, Fisheries and Parks or the Mississippi Commissioner of Revenue any records that either entity considers necessary to determine and verify the amount of the credit to which the taxpayer is entitled. The burden of proving eligibility for a credit and the amount of the credit rests upon the taxpayer, and no credit may be allowed to a taxpayer that fails to maintain adequate records or to make them available for inspection.
(3)
Upon approval of the Commission on Wildlife, Fisheries and Parks under subsection (1)(a), a taxpayer seeking to claim any tax credit provided for under this section must submit an application to the Mississippi Commissioner of Revenue for approval of the tax credit. The Mississippi Commissioner of Revenue shall promulgate the rules and forms on which the application is to be submitted. The Mississippi Commissioner of Revenue shall review the application and may approve such application upon determining that it meets the requirements of this section within sixty (60) days after receiving the application.
Laws, 2010, ch. 503, § 1, eff. 1/1/2010.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 7 - INCOME TAX AND WITHHOLDING (§§ 27-7-1 — 27-7-NEW-002) › Article 1 - INCOME TAX (§§ 27-7-1 — 27-7-109) › Section 27-7-22.24 - Mississippi Development Authority to report annually on the impact of the income tax credit granted in section 27-7-22.23

The Mississippi Development Authority shall report annually to the Legislature regarding the impact of the credit granted in Section
27-7-22.23
on shipping and economic growth. Each report shall show the overall annual increase in shipping at each port for the most recent year for which data is available and for each of the previous five (5) years. Each report shall estimate the number of jobs created or retained at each port and in businesses related to port activity at each port since January 1, 2005, as compared to the number of similar jobs created during the ten (10) years preceding January 1, 2005. Each report shall state the net economic impact on the state as a result of the tax credit provided for in Section
27-7-22.23
. The Mississippi Development Authority shall file a copy of the report with the Governor, the Secretary of the Senate, the Clerk of the House of Representatives and the Chairmen of the House Ways and Means Committee and the Senate Finance Committee of the Legislature on May 1 of each year. The Department of Revenue and all state, county and municipal ports shall cooperate with the Mississippi Development Authority in providing the information required in the annual reports.
Laws, 2004, ch. 530, § 2; Laws, 2006, ch. 562, § 2; Laws, 2010, ch. 391, § 2; Laws, 2011, ch. 427, § 2, eff. 7/1/2011.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 7 - INCOME TAX AND WITHHOLDING (§§ 27-7-1 — 27-7-NEW-002) › Article 1 - INCOME TAX (§§ 27-7-1 — 27-7-109) › Section 27-7-22.26 - [Repealed Effective 7/1/2025] Mississippi Development Authority to report annually on the impact of the income tax credit granted in section 27-7-22.25

The Mississippi Development Authority shall report annually to the Legislature regarding the impact of the credit granted in Section
27-7-22.25
on shipping and economic growth. Each report shall show the overall annual increase in shipping at each airport for the most recent year for which data is available and for each of the previous five (5) years. Each report shall estimate the number of jobs created or retained at each airport and in businesses related to airport activity at each airport since January 1, 2006, as compared to the number of similar jobs created during the ten (10) years preceding January 1, 2006. Each report shall state the net economic impact on the state as a result of the tax credit provided for in Section
27-7-22.25
. The Mississippi Development Authority shall file a copy of the report with the Governor, the Secretary of the Senate, the Clerk of the House of Representatives and the Chairmen of the House Ways and Means Committee and the Senate Finance Committee of the Legislature on May 1 of each year. The Department of Revenue and all state, regional, county and municipal airports shall cooperate with the Mississippi Development Authority in providing the information required in the annual reports.
Laws, 2005, ch. 442, § 2; reenacted without change, Laws, 2007, ch. 519, § 2; reenacted without change, Laws, 2009, ch. 323, § 2; reenacted without change, Laws, 2012, ch. 377, § 5, eff. 4/17/2012; reenacted without change, Laws, 2019, ch. 321, HB 694,§ 5, eff. 7/1/2019.
Amended without change by Laws, 2022, ch. 467, HB 1162,§ 5, eff. 7/1/2022.
Amended by Laws, 2016, ch. 335, HB 1078, 5, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 7 - INCOME TAX AND WITHHOLDING (§§ 27-7-1 — 27-7-NEW-002) › Article 1 - INCOME TAX (§§ 27-7-1 — 27-7-109) › Section 27-7-22.28 - Job tax credit for certain producers of alternative energy definitions

As used in Sections 27-7-22.28 and
27-7-22.29
, the following terms and phrases shall have the meanings ascribed in this section unless the context clearly indicates otherwise:
(a)
"Alternative energy project" means a business enterprise engaged in manufacturing or producing alternative energy in this state with not less than fifty percent (50%) of the finished product being derived from resources or products from this state.
(b)
"Authority" means the Mississippi Development Authority.
(c)
"Producer" means a manufacturer or producer of alternative energy through an alternative fuels project.
(d)
"State" means the State of Mississippi.
Laws, 2005, 3rd Ex Sess, ch. 1, § 56, eff. 7/1/2005.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 7 - INCOME TAX AND WITHHOLDING (§§ 27-7-1 — 27-7-NEW-002) › Article 1 - INCOME TAX (§§ 27-7-1 — 27-7-109) › Section 27-7-22.32 - Income tax credit for certain qualified adoption expenses

(1)
(a)
There shall be allowed as a credit against the tax imposed by this chapter the amount of the qualified adoption expenses paid or incurred, not to exceed Five Thousand Dollars ($5,000.00), for each dependent child residing outside Mississippi but legally adopted by a taxpayer under the laws of this state during calendar year 2023 or during any calendar year thereafter. A taxpayer claiming a credit under this paragraph (a) may not claim a credit under paragraph (b) of this subsection for the adoption of the same child.
(b)
There shall be allowed as a credit against the tax imposed by this chapter the amount of Ten Thousand Dollars ($10,000.00) for each dependent child residing in Mississippi and legally adopted by a taxpayer under the laws of this state during calendar year 2023 or during any calendar year thereafter. A taxpayer claiming a credit under this paragraph (b) may not claim a credit under paragraph (a) of this subsection for the adoption of the same child.
(2)
The tax credit under this section may be claimed for the taxable year in which the adoption becomes final under the laws of this state. Any tax credit claimed under this section but not used in any taxable year may be carried forward for the five (5) succeeding tax years. A tax credit is allowed under this section for any child for which an exemption is claimed during the same taxable year under Section
27-7-21(e)
. For the purposes of this section, the term "qualified adoption expenses" means and has the same definition as that term has in 26 USCS 23.
Laws, 2006, ch. 518, § 1, eff. 1/1/2006.
Amended by Laws, 2023, ch. 521, SB 2696,§ 1, eff. 7/1/2023.
Amended by Laws, 2020, ch. 453, HB 1729,§ 4, eff. 7/1/2020.
Amended by Laws, 2019, ch. 484, HB 1613,§ 4, eff. 1/1/2019.
Amended by Laws, 2018, ch. 437, HB 1566,§ 2, eff. 1/1/2018.
Amended by Laws, 2013, ch. 449, SB 2833, 1, eff. 1/1/2013.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 7 - INCOME TAX AND WITHHOLDING (§§ 27-7-1 — 27-7-NEW-002) › Article 1 - INCOME TAX (§§ 27-7-1 — 27-7-109) › Section 27-7-22.33 - Income tax credit for certain long-term care insurance policy premiums; limitations

(1)
A taxpayer shall be allowed a credit against the income taxes imposed under this chapter in an amount equal to twenty-five percent (25%) of the premium costs paid during the taxable year for a qualified long-term care insurance policy as defined in Section 7702B of the Internal Revenue Code that offers coverage to either the individual, the individual's spouse, the individual's parent or parent-in-law, or the individual's dependent as defined in Section 152 of the Internal Revenue Code.
(2)
No taxpayer shall be entitled to the credit with respect to the same expended amounts for qualified long-term care insurance which are claimed by another taxpayer.
(3)
The credit allowed by this section shall not exceed Five Hundred Dollars ($500.00) or the taxpayer's income tax liability, whichever is less, for each qualified long-term care insurance policy. Any unused tax credit shall not be allowed to be carried forward to apply to the taxpayer's succeeding year's tax liability.
(4)
No credit shall be allowed under this section with respect to any premium for qualified long-term care insurance either deducted or subtracted by the taxpayer in arriving at his net taxable income under this section or with respect to any premiums for qualified long-term care insurance which were excluded from his net taxable income.
Laws, 2007, ch. 357, § 1, eff. 1/1/2007.