reglab/statecodes huggingface dataset:
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 27-7-91 - Designation of contributions to Mississippi Wildlife Heritage Fund on income tax returns

(1)
Each resident individual taxpayer who files a Mississippi income tax return and who will receive a tax refund from the State Tax Commission may designate that a contribution be made to the "Wildlife Heritage Fund" by marking the appropriate box printed on the return pursuant to this subsection. In the case of a joint return, each spouse may designate that a portion of the refund shall be paid to such fund.
The State Tax Commission shall print on the Mississippi income tax form for residents a space for designating the contribution in substantially the following form:
"MISSISSIPPI WILDLIFE HERITAGE FUND.
I wish to contribute ( )$1 ( )$5 ( )$10 ( ) other $____________________ of my TAX REFUND TO THE MISSISSIPPI WILDLIFE HERITAGE FUND."
(2)
The State Tax Commission shall explain in the instructions accompanying the individual income tax form the purposes for which the contributions authorized herein shall be used.
(3)
This section shall apply to taxable years beginning on or after January 1, 1985.
Laws, 1985, ch. 508, § 1, applicable to taxable years beginning on or after 1/1/1985; Laws, 2000, ch. 319, § 3, eff. 7/1/2000.
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 27-7-93 - Transfer to Wildlife Heritage Fund of contributions designated on tax returns; expenditures

(1)
The Chairman of the State Tax Commission shall determine annually the total amount designated by individuals to be paid to the fund, along with all interest earned thereon, and shall report such amount to the State Treasurer who shall pay such amount into the "Wildlife Heritage Fund," established in Section
49-5-77
.
(2)
The Mississippi Commission on Wildlife, Fisheries and Parks may expend such monies deposited into the fund pursuant to subsection (1) of this section only to implement the "Mississippi Natural Heritage Law of 1978," Sections
49-5-141
through
49-5-157
, Mississippi Code of 1972, by providing for the protection and management of nongame species, threatened or endangered wildlife or plants, and unique geological formations such as waterfalls, caves and canyons, and by purchasing, leasing, registering, dedicating and maintaining natural areas.
Laws, 1985, ch. 508, § 2; Laws, 2000, ch. 516, § 4, eff. 4/30/2000.
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 27-7-93.1 - Contribution to Mississippi Wildlife, Fisheries and Parks Foundation from state income tax refund

(1)
Each resident individual taxpayer who files a Mississippi income tax return and who will receive a tax refund from the State Tax Commission may designate that a contribution be made to the "Mississippi Wildlife, Fisheries and Parks Foundation" by marking the appropriate box printed on the return pursuant to this subsection. In the case of a joint return, each spouse may designate that a portion of the refund shall be paid to such foundation.
The State Tax Commission shall print on the Mississippi income tax form for residents a space for designating the contribution in substantially the following form:
"MISSISSIPPI WILDLIFE, FISHERIES AND PARKS FOUNDATION
I wish to contribute ( ) $1 ( ) $5 ( ) $10 ( ) Other $____________________ of my TAX REFUND TO THE MISSISSIPPI WILDLIFE, FISHERIES AND PARKS FOUNDATION."
(2)
The State Tax Commission shall explain in the instructions accompanying the individual income tax form the purposes for which the contributions authorized herein shall be used.
(3)
This section shall apply to taxable years beginning on or after January 1, 2006.
(4)
The Chairman of the State Tax Commission shall determine annually the total amount designated by individuals to be paid to the foundation, along with all interest earned thereon, and shall report such amount to the State Treasurer who shall pay such amount to the Mississippi Wildlife, Fisheries and Parks Foundation.
Laws, 2006, ch. 405, § 1, eff. 3/15/2006.
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 27-7-94 - Contribution to Mississippi Military Family Relief Fund from state income tax refund

(1)
Each resident individual taxpayer who files a Mississippi income tax return and who will receive a tax refund from the State Tax Commission may designate that a contribution be made to the Mississippi Military Family Relief Fund created in Section
33-4-1
, to authorize resident individual income taxpayers to designate any portion of their tax refund for deposit into the Mississippi Military Family Relief Fund by marking the appropriate box printed on the return pursuant to this subsection. In the case of a joint return, each spouse may designate that a portion of the refund shall be paid to such fund.
The State Tax Commission shall print on the Mississippi income tax form for residents a space for designating the contribution in substantially the following form:
"Mississippi Military Family Relief Fund
I wish to contribute ( ) $1 ( ) $5 ( ) $10 ( ) Other $____________________ of my tax refund to the Mississippi Military Family Relief Fund."
(2)
The State Tax Commission shall explain in the instructions accompanying the individual income tax form the purposes for which the contributions authorized herein shall be used.
(3)
This section shall apply to taxable years beginning on or after January 1, 2005.
(4)
The Chairman of the State Tax Commission shall determine annually the total amount designated by individuals to be paid to the fund, along with all interest earned thereon, and shall report such amount to the State Treasurer who shall pay such amount into the Mississippi Military Family Relief Fund.
Laws, 2005, 2nd Ex Sess, ch. 6, § 2 eff. 6/14/2005; Laws, 2007, ch. 447, § 2, eff. 7/1/2007.
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 27-7-95 - Limitations on allowances of losses from sales or exchanges of capital assets

(1)
In the case of a corporation, losses from sales or exchanges of capital assets shall be allowed only to the extent of gains from such sales or exchanges.
(2)
In the case of a taxpayer other than a corporation, losses from sales or exchanges of capital assets shall be allowed only to the extent of the gains from such sales or exchanges, plus, if such losses exceed such gains, the lower of:
(a)
Three Thousand Dollars ($3,000.00) and One Thousand Five Hundred Dollars ($1,500.00) in the case of a married individual filing a separate return, or
(b)
The excess of such losses over such gains.
Laws, 1991, ch. 524, § 1, eff. 1/1/1992.
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 27-7-97 - Capital loss carrybacks and carryovers

(1)
If a corporation has a net capital loss for any taxable year (hereinafter referred to as the "loss year"), the amount shall be:
(a)
A capital loss carryback to each of the three (3) taxable years preceding the loss year;
(b)
A capital loss carryover to each of the five (5) taxable years succeeding the loss year.
(2)
If a corporation has a loss year, the amount shall be treated as a short-term capital loss in each such taxable year. The entire amount of the net capital loss for any taxable year shall be carried to the earliest of the taxable years to which the loss may be carried, and the portion of the loss which shall be carried to each of the other taxable years to which the loss may be carried shall be the excess, if any, of the loss over the total of the capital gain net income for each of the prior taxable years to which the loss may be carried. For purposes of the preceding sentence, the capital gain net income for any such prior taxable year shall be computed without regard to the net capital loss for the loss year or for any taxable year thereafter.
(3)
(a)
If a taxpayer other than a corporation has a net capital loss for any taxable year:
(i)
The excess of the net short-term capital loss over the net long-term capital gain for such year shall be a short-term capital loss in the succeeding taxable year, and
(ii)
The excess of the net long-term capital loss over the net short-term capital gain for such year shall be a long-term capital loss in the succeeding taxable year.
(b)
For purposes of determining the excess referred to in subsection (3)(a)(i) and (ii) of this section, there shall be treated as a short-term capital gain in the taxable year an amount equal to the lesser of:
(i)
The amount allowed for the taxable year under Section
27-7-95
, subsection (2)(a) or (b), or
(ii)
The adjusted taxable income for such taxable year.
(c)
For purposes of subsection (3)(b) of this section, the term "adjusted taxable income" means taxable income increased by the sum of:
(i)
The amount allowed for the taxable year under Section
27-7-95
, subsection (2)(a) or (b), and
(ii)
The deduction allowed for such year.
For the purposes of the preceding sentence, any excess of the deductions allowed for the taxable year over the gross income for such year shall be taken into account as negative taxable income.
Laws, 1991, ch. 524, § 2, eff. 1/1/1992.
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 27-7-99 - "Capital asset" defined

For purposes of Sections
27-7-95
through
27-7-103
, the term "capital asset" means property held by the taxpayer, whether or not connected with his trade or business, but does not include the following:
(a)
Stock in trade of the taxpayer or other property of a kind which would properly be included in the inventory of the taxpayer if on hand at the close of the taxable year or property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business;
(b)
Property, used in his trade or business, of a character which is subject to the allowance for depreciation provided in Section
27-7-17
or real property used in his trade or business;
(c)
A copyright, a literary, a musical or artistic composition, a letter or memorandum or similar property held by:
(i)
A taxpayer whose personal efforts created such property,
(ii)
In the case of a letter, memorandum or similar property, a taxpayer for whom such property was prepared or produced, or
(iii)
A taxpayer in whose hands the basis of such property is determined, for purposes of determining gain from a sale or exchange, in whole or part by reference to the basis of such property in the hands of a taxpayer described in paragraph (c)(i) and (ii) of this section;
(d)
Accounts or notes receivable acquired in the ordinary course of trade or business for services rendered or from the sale of property described in paragraph (a) of this section.
Laws, 1991, ch. 524, § 3, eff. 1/1/1992.
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 27-7-101 - Other definitions relating to capital gains and losses

The definition of the terms "short-term capital gain," "short-term capital loss," "long-term capital gain," "long-term capital loss," "net short-term capital gain," "net short-term capital loss," "net long-term capital gain," "net long-term capital loss," "capital gain net income," "net capital loss," and "net capital gain" shall be the same as those terms are defined under the provisions of the Internal Revenue Code and the rules, regulations, rulings and determinations promulgated thereunder, unless such definitions are in conflict with other provisions of this chapter, in which case the provisions of this chapter shall control.
Laws, 1991, ch. 524, § 4, eff. 1/1/1992; Laws, 1998, ch. 543, § 3, 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 27-7-103 - Applicability of provisions of Internal Revenue Code relating to capital losses

All provisions of the Internal Revenue Code of 1986, as amended, in regard to limitations on capital losses, capital loss carrybacks and carryovers and holding periods of property shall be applicable to the provisions of Sections
27-7-95
through
27-7-101
.
Laws, 1991, ch. 524, § 5, eff. 1/1/1992.
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 27-7-105 - Penalty on underpayment of taxes attributable to fraud

(1)
If any part of any underpayment of tax required to be shown on a return required by this chapter or if any underpayment is finally assessed due to failure to file a return required by this chapter is due to fraud, there shall be added to the tax an amount equal to seventy-five percent (75%) of the portion of the underpayment which is attributable to fraud.
(2)
If the State Tax Commission establishes that any portion of an underpayment is attributable to fraud, the entire underpayment shall be treated as attributable to fraud, except with respect to any portion of the underpayment which the taxpayer establishes by a preponderance of the evidence is not attributable to fraud.
(3)
In the case of a joint return, this section shall not apply with respect to a spouse unless some part of the underpayment is due to the fraud of the spouse.
Laws, 1991, ch. 524, § 10, eff. 1/1/1992.
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 27-7-107 - [Repealed]

Laws, 2009, ch. 418, § 2, eff. 7/1/2009.
Repealed by Laws, 2018, ch. 395, HB 1096,§ 3, eff. 7/1/2018.
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 27-7-109 - Deductions for payments paid with funds received under Paycheck Protection Program; when allowed

There shall not be allowed a deduction for otherwise deductible payments paid with funds received under the Paycheck Protection Program (PPP) established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, but only to the extent those payments are not allowed as deductions for federal income tax purposes. To the extent such payments are allowed as deductions for federal income tax purposes, those expenses shall be deemed to have been incurred in connection with earning and distributing taxable income, notwithstanding that such payments resulted in forgiveness of loans received.
Laws, 2020, ch. 303, § 11, eff. 3/20/2020; Laws, 2020, ch. 421, § 3, eff. 1/1/2020; Laws, 2020, ch. 494, § 1, eff from and after passage (became law without the Governor's signature on 8/18/2020).
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 2 - ENDOW MISSISSIPPI PROGRAM (§§ 27-7-201 — 27-7-213) › Section 27-7-201 - Short title

This article shall be known and may be cited as the "Endow Mississippi Program."
Added by Laws, 2019, ch. 440, SB 2210,§ 1, eff. 1/1/2019.
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 2 - ENDOW MISSISSIPPI PROGRAM (§§ 27-7-201 — 27-7-213) › Section 27-7-203 - Legislative purpose

The purpose of this article is to promote philanthropic investments in local community development programs and activities, and to enhance the quality of life for Mississippi's children, families and communities, by providing a tax credit for charitable gifts made by taxpayers to endowed funds held by community foundations in Mississippi.
Added by Laws, 2019, ch. 440, SB 2210,§ 2, eff. 1/1/2019.
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 2 - ENDOW MISSISSIPPI PROGRAM (§§ 27-7-201 — 27-7-213) › Section 27-7-205 - Definitions

As used in this article:
(a)
"Qualified community foundation" means an entity that is exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code that is recognized by the Mississippi Association of Grantmakers as meeting the following requirements:
(i)
It is organized by articles of incorporation in the State of Mississippi to serve the State of Mississippi, or one or more Mississippi counties or municipalities, or a combination thereof;
(ii)
It is comprised of permanent, component funds established by multiple separate donors;
(iii)
It supports broad-based charitable interests that benefit the residents of a defined geographic area, no larger than the State of Mississippi;
(iv)
It is directed by a board of directors that is comprised of community representatives and is independent in that it is not subject to the control of another entity;
(v)
It actively engages in charitable activities, including, but not limited to, supporting two (2) or more unaffiliated tax-exempt organizations through grants or other professionally accepted means of charitable support, and serving in leadership roles on important community issues;
(vi)
It complies with the guidelines of the Mississippi Association of Grantmakers, or its successor entity, for membership by a community foundation; and
(vii)
It is in good standing with having complied with Endow Mississippi certification, reporting, and data privacy requirements.
(b)
"Endowment gift" means an irrevocable contribution to an endowed fund held by a qualified community foundation.
(c)
"Qualified contribution" means an endowment gift of at least One Thousand Dollars ($1,000.00) made to a qualified community foundation for an endowed fund established to substantially benefit charitable causes in this state, and that is a charitable gift as defined in Section 170(c) of the Internal Revenue Code. A qualified contribution may take any form, subject to the giving policies of the qualified community foundation receiving it.
(d)
"Endowed fund" means a fund held in a qualified community foundation that provides benefit to charitable causes in Mississippi that is intended to exist in perpetuity. An endowed fund may include, but is not limited to, donor-advised funds, community foundation affiliate funds, field-of-interest funds, agency funds and designated organizational funds.
Added by Laws, 2019, ch. 440, SB 2210,§ 3, eff. 1/1/2019.
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 2 - ENDOW MISSISSIPPI PROGRAM (§§ 27-7-201 — 27-7-213) › Section 27-7-207 - Credit against tax imposed by this chapter equal to 25% of qualified contribution to endowed fund at qualified community foundation subject to certain requirements

(1)
Subject to the limitations provided for in this section, through calendar year 2028, a taxpayer shall be allowed a credit against the tax imposed by Chapter 7, Title 27, in an amount equal to twenty-five percent (25%) of a qualified contribution to an endowed fund at a qualified community foundation, subject to the following:
(a)
The minimum amount of a qualified contribution shall be One Thousand Dollars ($1,000.00).
(b)
The maximum amount of a qualified contribution shall be Five Hundred Thousand Dollars ($500,000.00).
(c)
The total qualified contributions from any qualified taxpayer eligible for the tax credit authorized under this section shall be Five Hundred Thousand Dollars ($500,000.00) per year.
(2)
Except as otherwise provided in this subsection, the aggregate amount of tax credits authorized under this article shall not exceed One Million Dollars ($1,000,000.00) in any one (1) calendar year. The credits shall be awarded on a first-come, first-served basis. If the tax credits authorized for any calendar year are not utilized, the amount not utilized may be awarded or carried forward in up to five (5) subsequent calendar years from the year in which such credits are made available.
(3)
If the amount allowable as a credit exceeds the tax imposed by Chapter 7, Title 27, the amount of such excess may be carried forward for not more than five (5) subsequent taxable years.
(4)
From and after January 1, 2029, no additional credits shall be authorized under this section; however, any tax credits authorized prior to January 1, 2029, and not used, may be carried forward for not more than five (5) taxable years subsequent to calendar year 2028.
Amended by Laws, 2023, ch. 523, HB 261,§ 1, eff. 7/1/2023.
Added by Laws, 2019, ch. 440, SB 2210,§ 4, eff. 1/1/2019.
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 2 - ENDOW MISSISSIPPI PROGRAM (§§ 27-7-201 — 27-7-213) › Section 27-7-209 - Allocation of authorized tax credits; maintenance of records that determine priority for awarding tax credits

For each calendar year, a total of ten percent (10%) of the authorized tax credits shall be reserved for qualified contributions to each of the qualified community foundations in Mississippi for a period of nine (9) months. Any credits that are not utilized within the nine-month period shall be utilized for qualified contributions to any qualified community foundation on a first-come, first-served basis. Any credits not specifically reserved under this section shall also be available to any qualified community foundation on a first-come, first-served basis. The Mississippi Association of Grantmakers, or its successor entity, shall, in cooperation with qualified community foundations, develop, establish and maintain records that determine the priority for the awarding of tax credits under this article.
Added by Laws, 2019, ch. 440, SB 2210,§ 5, eff. 1/1/2019.
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 2 - ENDOW MISSISSIPPI PROGRAM (§§ 27-7-201 — 27-7-213) › Section 27-7-211 - Development of forms, procedures for review and approval of applications for tax credits, and issuance of tax credits; establishment of reporting and monitoring requirements; monitoring and annual certification of approved tax credits

(1)
The Mississippi Association of Grantmakers, or its successor entity, in cooperation with qualified community foundations in Mississippi, shall develop application forms, procedures for the review and approval of applications for tax credits authorized under this article, for the issuance of tax credits authorized under this article, and to establish reporting and monitoring requirements for the tax credits authorized by this article. The Mississippi Association of Grantmakers, or its successor entity, shall also develop or revise forms by which the tax credits are reported to the State of Mississippi.
(2)
Application forms shall be available online and in print from the Mississippi Association of Grantmakers, or its successor entity, and qualifying community foundations.
(3)
Applications shall be filed jointly by the qualified taxpayer seeking the tax credit and the qualified community foundation that is to receive the proposed qualifying contribution. The qualified community foundation shall:
(a)
Log the date and time each application is received;
(b)
Review each application for compliance with this section;
(c)
Forward required documentation for applications to the Mississippi Association of Grantmakers, or its successor entity; and
(d)
Certify that the applications are for qualifying contributions that are eligible for tax credits.
(4)
The Mississippi Association of Grantmakers, or its successor entity, shall review the applications and documentation. The Mississippi Association of Grantmakers, or its successor entity, shall provide lists of approved applications to qualified community foundations, who in turn shall issue notice of approval of tax credits to the taxpayer seeking the credit. Upon notice of approval, the qualifying contribution shall be made by the qualified taxpayer within a reasonable time, dependent on the form of the qualifying contribution and the giving policies of the qualified community foundation.
(5)
The Mississippi Association of Grantmakers, or its successor entity, shall monitor all tax credits issued pursuant to this article and, on or before December 31 of each year, certify to the Mississippi Department of Revenue all tax credits approved pursuant to this article and provide the department with all data required to ensure that qualified taxpayers receive any credit to which they are entitled.
Added by Laws, 2019, ch. 440, SB 2210,§ 6, eff. 1/1/2019.
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 2 - ENDOW MISSISSIPPI PROGRAM (§§ 27-7-201 — 27-7-213) › Section 27-7-213 - Tax credits are non-transferable; process for allocation of available tax credits if less than requested; periodic reporting of impact of tax credits

(1)
No tax credits issued under this article to any qualified taxpayer shall be sold or otherwise transferable to any other taxpayer.
(2)
Should the total amount of tax credits available, whether reserved to qualified community foundations or otherwise, be less than the total amount of tax credit requested under the provisions of this article, the Mississippi Association of Grantmakers, or its successor entity, shall determine the process for the allocation of any available tax credits.
(3)
All applications for tax credits and any subsequent documentation of the process of application and issuance of tax credits shall be subject to applicable privacy laws.
(4)
The Mississippi Association of Grantmakers, or its successor entity, may request qualifying community foundations to periodically report on the impact of tax credits issued under this article, including, but not limited to:
(a)
Increases to endowed funds held by qualified community foundations;
(b)
Capture of generational transfer of wealth for the benefit of Mississippi communities and organizations; and
(c)
Improvements to and support of community development programs, projects and activities.
Added by Laws, 2019, ch. 440, SB 2210,§ 7, eff. 1/1/2019.
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 3 - WITHHOLDING OF TAX (§§ 27-7-301 — 27-7-349) › Section 27-7-301 - Citation of article

This article may be cited as the "Mississippi Income Tax Withholding Law of 1968."
Codes, 1942, § 9220-61; Laws, 1968, ch. 580, § 1, eff. 1/1/1969.
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 3 - WITHHOLDING OF TAX (§§ 27-7-301 — 27-7-349) › Section 27-7-305 - Withholding of tax; leased employees

(1)
Except as otherwise provided in this section, every employer making payments of wages to employees shall deduct and withhold from such wages an amount determined from withholding tables promulgated by the commissioner and furnished to the employer. The full amount deducted and withheld from any employee's wages during the income year shall be credited against the tax liability of the employee under the provisions of Article 1 of this chapter for that year. Any such tables promulgated by the commissioner shall not be designed to collect more than the amount of tax that the taxpayer can reasonably be expected to owe for the income year. Businesses that lease employees by a contract of employment with a leasing firm may be considered the employer for Mississippi withholding tax purposes. In such cases payments to the leasing company may be attached for such withholding taxes upon default by the leasing firm.
(2)
Firms that lease employees to businesses are required to maintain separate ledgers of account for these employees. These lease firms shall furnish the Department of Revenue annually a summary of wages paid, number of employees and amounts withheld by location. In addition, the commissioner shall require firms that lease employees to businesses to give a cash bond or an approved surety bond in an amount sufficient to cover twice the estimated tax liability for a period of three (3) months. This bond shall be filed with the commissioner prior to beginning business in this state. Failure to comply with this provision shall subject such person to the penalties provided by this chapter.
(3)
An out-of-state business as defined in Section
27-113-5
shall not be subject to any employer tax withholdings for income that is not subject to income taxation under Sections
27-113-1
through
27-113-9
.
Codes, 1942, § 9220-63; Laws, 1968, ch. 580, § 3; Laws, 1988, ch. 391, § 6, eff. 7/1/1988.
Amended by Laws, 2015, ch. 420, SB 2762, 8, eff. 3/30/2015.
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 3 - WITHHOLDING OF TAX (§§ 27-7-301 — 27-7-349) › Section 27-7-307 - Employer and certain persons owning stock of corporations or interest in limited liability companies with thirty-five or less owners liable for amounts required to be withheld; liability is derivative of the corporation or limited liability company

(1)
Every employer shall be liable for amounts required to be deducted and withheld by this article regardless of whether or not the amounts were in fact deducted and withheld, except that if the employer fails to deduct and withhold the required amounts and if the tax against which the required amounts would have been credited is paid, the employer shall not be liable for those amounts not deducted and withheld if such failure was due to reasonable cause.
(2)
Persons owning stock of ten percent (10%) or more of the total of corporations or ten percent (10%) interest in limited liability companies with thirty-five (35) or less owners and exercising responsibilities for fiscal management of such corporation or limited liability company also shall be liable for amounts withheld or required to be withheld under this article, including interest and penalties thereon, when such amounts become due and unpaid to the extent that such amounts accrued while such person was exercising responsibilities for fiscal management. The liability under this subsection is derivative of the corporation or limited liability company, and the three-year assessment period provided in Section
27-7-49
will begin to run after the liability of the corporation or limited liability company becomes final. A person being assessed under this subsection may appeal his liability under Section
27-77-5
solely regarding the issue of the ownership interest and management requirements of this subsection. The commissioner shall make assessments against and effect collection from said persons pursuant to the provisions of this article for the making of withholding tax determinations against employers.
Codes, 1942, § 9220-64; Laws, 1968, ch. 580, § 4; Laws, 1977, ch. 439, § 1; Laws, 1988, ch. 391, § 7; Laws, 1994, ch. 503, § 1; Laws, 1995, ch. 346, § 4; Laws, 2010, ch. 386, § 1, 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 3 - WITHHOLDING OF TAX (§§ 27-7-301 — 27-7-349) › Section 27-7-311 - Annual withholding statement

Every employer shall file an annual statement of withholding for each employee. The annual statement shall be in the form prescribed by the commissioner and shall be filed with the commissioner and two (2) copies thereof furnished the employee on or before the thirty-first day of January following the close of the calendar year. Provided, if the employment of the employee is terminated during the calendar year, the employer shall furnish such statement to the employee at the time of the termination of employment. Such statement shall show:
(a)
The name and withholding account number of the employer;
(b)
The name of the employee and his social security account number;
(c)
The total compensation paid to the employee; and
(d)
The total amount withheld by the employer pursuant to this article for the year or part of a calendar year where the employee worked for less than a full calendar year, and such other information as the commissioner shall require by rule or regulation. The total amount withheld by the employer shall reflect the gross amount withheld by the employer pursuant to this article for such year or part of such calendar year prior to, and expressly excluding, the application of any credit applied and taken by the employer of any tax credit awarded by the Mississippi Development Authority in accordance with the Mississippi Flexible Tax Incentive Act.
Codes, 1942, § 9220-67; Laws, 1968, ch. 580, § 7, eff. 1/1/1969.
Amended by Laws, 2022, ch. 462, SB 2159,§ 12, eff. 7/1/2022.
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 3 - WITHHOLDING OF TAX (§§ 27-7-301 — 27-7-349) › Section 27-7-312 - Certain withholding tax revenue to be deposited in Mississippi Advantage Jobs Incentive Payment Fund

(1)
Of the revenue collected under the provisions of this article from the new direct jobs of a qualified business or industry as defined in Section
57-62-5
of the Mississippi Advantage Jobs Act, an amount equal to the estimated amount of the quarterly incentive payment for which such qualified business or industry is eligible shall be deposited into the Mississippi Advantage Jobs Incentive Payment Fund created pursuant to Section
57-62-1
et seq., on or before the twentieth day of the month following the close of each calendar quarter.
(2)
Of the revenue collected under the provisions of this article from the qualified jobs of a qualified business or industry as defined in Section
57-99-1
, an amount equal to the estimated amount of the quarterly incentive payment for which such qualified business or industry is eligible shall be deposited into the MMEIA Withholding Rebate Fund created pursuant to Section
57-99-5
, on or before the twentieth day of the month following the close of each calendar quarter.
(3)
Of the revenue collected under the provisions of this article from the qualified jobs of a qualified business or industry as defined in Section
57-100-1
, an amount equal to the estimated amount of the quarterly incentive payment for which such qualified business or industry is eligible shall be deposited into the Existing Industry Withholding Rebate Fund created pursuant to Section
57-100-5
, on or before the twentieth day of the month following the close of each calendar quarter.
(4)
Of the revenue collected under the provisions of this article from the qualified jobs of a qualified business or industry as defined in Section
57-99-21
, an amount equal to the estimated amount of the quarterly incentive payment for which such qualified business or industry is eligible shall be deposited into the MMEIA Rebate Fund created pursuant to Section
57-99-25
, on or before the twentieth day of the month following the close of each calendar quarter.
Laws, 2000, 2nd Ex Sess, ch. 1, § 33; Laws, 2002, 1st Ex. Sess., ch. 2, § 4; Laws, 2007, ch. 303, § 22; Laws, 2009, ch. 302, § 9; Laws, 2009, ch. 557, § 21, eff. 4/17/2009.
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 3 - WITHHOLDING OF TAX (§§ 27-7-301 — 27-7-349) › Section 27-7-317 - Refunds to employer for overpayment

(1)
Any employer who makes an overpayment of the tax required to be remitted to the commissioner by Section
27-7-309
may file application with the commissioner, on a form prescribed by the commissioner, to have the amount of the overpayment refunded to him or to have the amount credited against the payment which he is required to make for a subsequent quarterly period, but the refund or credit shall be allowed only to the extent that the amount of the overpayment was not withheld under Section
27-7-305
by the employer.
(2)
If the commissioner shall determine that the employer is not entitled to the refund or credit as applied for, he shall so notify the employer of the denial of the refund claim.
(3)
Unless written application for refund or credit is received by the commissioner from the employer within three (3) years from the date the overpayment was made, no refund or credit shall be allowed.
Codes, 1942, § 9220-70; Laws, 1968, ch. 580, § 10; Laws, 2005, ch. 499, § 17, 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 3 - WITHHOLDING OF TAX (§§ 27-7-301 — 27-7-349) › Section 27-7-319 - Declaration of estimated tax

Every individual taxpayer subject to the tax levied by the provisions of Article 1 of this chapter shall make and file with the commissioner estimated tax returns and payments for the income year, if such taxpayer does not have at least eighty percent (80%) of his tax liability withheld through wages subject to withholding and such liability exceeds Two Hundred Dollars ($200.00).
Except as otherwise provided in Section
57-10-409
, every corporate taxpayer subject to the tax levied by the provisions of Article 1 of this chapter shall make and file with the commissioner estimated tax returns and payments for any income year ending after December 31, 1983, in an amount not less than ninety percent (90%) of the tax liability if such liability exceeds Two Hundred Dollars ($200.00).
Codes, 1942, § 9220-71; Laws, 1968, ch. 580, § 11; Laws, 1983, 2d Ex Sess, ch. 6, § 1; Laws, 1993, ch. 341, § 1; Laws, 1993, ch. 565, § 25, eff. 7/1/1993.
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 3 - WITHHOLDING OF TAX (§§ 27-7-301 — 27-7-349) › Section 27-7-321 - [Repealed]

Repealed by Laws, 1983, 2nd Ex Sess, ch. 6, § 11, eff. 1/1/1984.
Codes, 1942, § 9220-72; Laws, 1968, ch. 580, § 12
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 3 - WITHHOLDING OF TAX (§§ 27-7-301 — 27-7-349) › Section 27-7-323 - Amendment of declaration

A taxpayer may file amendments to a declaration at such time, under such rules and regulations and in such form as the commissioner shall prescribe.
Codes, 1942, § 9220-73; Laws, 1968, ch. 580, § 13, eff. 1/1/1969.
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 3 - WITHHOLDING OF TAX (§§ 27-7-301 — 27-7-349) › Section 27-7-325 - Joint declaration; husband and wife

A single declaration may be filed jointly by a husband and wife having the same income year. If a joint declaration is filed by a husband and wife and they do not file a joint return for the income year, the estimated tax paid under the joint declaration may be treated as the estimated tax of either the husband or wife or may be divided between them at the election of the taxpayers. If the taxpayers fail to agree upon a division or application of the estimated tax paid, then the commissioner shall divide the estimated tax paid between the husband and wife or apply the estimated tax paid to the tax due by either the husband or wife.
Codes, 1942, § 9220-74; Laws, 1968, ch. 580, § 14, eff. 1/1/1969.
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 3 - WITHHOLDING OF TAX (§§ 27-7-301 — 27-7-349) › Section 27-7-327 - Underestimate of tax

Taxpayers subject to the requirements of estimated tax payments for an income year ending after December 31, 1983, shall estimate an amount not less than eighty percent (80%) of the tax actually due in the case of an individual or, except as otherwise provided in Section
27-7-329(f)
, an amount not less than ninety percent (90%) of the tax actually due in the case of a corporation. Any corporate taxpayer which either fails to file the required estimated tax returns and pay the tax within the time prescribed, or, except as otherwise provided in Section
27-7-329(f)
, which underestimates the required amount of the estimated tax shall be liable for a penalty in the amount of ten percent (10%) of the amount unpaid plus interest at the rate of one percent (1%) per month on such amount, except as otherwise provided in this section. Any individual taxpayer who either fails to file the required estimated tax returns and pay the tax within the time prescribed, or who underestimates the required amount of the estimated tax shall be liable for interest at the rate of one percent (1%) per month on such amount, except as otherwise provided in this section. For taxes assessed by the commissioner on or after January 1, 2015, the rate of any interest assessed under this section shall be:
(a)
Nine-tenths of one percent (9/1
0
of 1%) per month for such taxes assessed on or after January 1, 2015, and before January 1, 2016;
(b)
Eight-tenths of one percent (8/1
0
of 1%) per month for such taxes assessed on or after January 1, 2016, and before January 1, 2017;
(c)
Seven-tenths of one percent (7/1
0
of 1%) per month for such taxes assessed on or after January 1, 2017, and before January 1, 2018;
(d)
Six-tenths of one percent (6/1
0
of 1%) per month for such taxes assessed on or after January 1, 2018, and before January 1, 2019; and
(e)
One-half of one percent (1/2 of 1%) per month for such taxes assessed on or after January 1, 2019.
Codes, 1942, § 9220-75, Laws, 1968, ch. 580, § 15; Laws, 1983, 2nd Ex Sess, ch. 6 § 2; Laws, 1993, ch. 341, § 2, eff. 1/1/1993.
Amended by Laws, 2014, ch. 476, HB 799, 7, eff. 1/1/2015.
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 3 - WITHHOLDING OF TAX (§§ 27-7-301 — 27-7-349) › Section 27-7-331 - Withholding tables; rules, regulations and forms

The commissioner shall prepare and furnish to employers state income tax withholding tables based on the current income tax laws of the state, taking into consideration the various deductions and personal exemptions allowed therein. Such tables shall be designed to provide for a yearly aggregate withholding that will approximate the state income tax liability of the average taxpayer, with the standard deductions and personal exemptions. The commissioner shall also make and prescribe such other rules, regulations and forms as he shall deem necessary or desirable for carrying out the purposes of this article. Any such tables promulgated by the commissioner shall not be designed to collect more than the amount of tax that the taxpayer can reasonably be expected to owe for the income year.
Codes, 1942, § 9220-77; Laws, 1968, ch. 580, § 17, eff. 1/1/1969.
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 3 - WITHHOLDING OF TAX (§§ 27-7-301 — 27-7-349) › Section 27-7-333 - Employer's withholding account number

Except as otherwise provided in this section, every employer, as defined herein, shall, on or before January 1, 1969, make application to the commissioner for and be assigned an employer's withholding account number. The account number assigned to an employee shall be used by such employer on all returns, reports and inquiries addressed to the commissioner.
This section shall not apply to an "out-of-state business" during a "disaster response period" as such terms are defined in Section
27-113-5
.
Codes, 1942, § 9220-78; Laws, 1968, ch. 580, § 18, eff. 1/1/1969.
Amended by Laws, 2015, ch. 420, SB 2762, 9, eff. 3/30/2015.
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 3 - WITHHOLDING OF TAX (§§ 27-7-301 — 27-7-349) › Section 27-7-335 - Employee required to furnish exemption certificate to employer

Every employee whose wages are subject to the withholding provisions of this article shall, on or before January 1, 1969, furnish his or her employer with a certificate showing the exemption claimed by such employee for purposes of withholding. If any employee shall fail or refuse to furnish his or her employer such certificate, the employer shall withhold from the wages of such employee as if such employee claimed no exemption either for himself or herself. The furnishing of such information shall be in the form required by the commissioner.
Codes, 1942, § 9220-79; Laws, 1968, ch. 580, § 19, eff. 1/1/1969.
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 3 - WITHHOLDING OF TAX (§§ 27-7-301 — 27-7-349) › Section 27-7-337 - Method of payment

All taxes due under the provisions of this article shall be paid, on or before the date fixed by law for filing returns. Any such taxes may be paid with uncertified check during such time and under such regulations the commissioner shall prescribe, but, if a check received in payment of such taxes is not paid by the bank on which it is drawn, the taxpayer by whom such check is tendered shall remain liable for the payment of the tax and for all legal penalties, the same as if such check had not been tendered.
Codes, 1942, § 9220-81; Laws, 1968, ch. 580, § 21, eff. 1/1/1969.
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 3 - WITHHOLDING OF TAX (§§ 27-7-301 — 27-7-349) › Section 27-7-339 - Withholding state income taxes of federal employees by federal agencies

The commissioner is hereby authorized and directed to enter into an agreement with the secretary of the treasury of the United States, with respect to withholding of income tax as provided by this article, pursuant to an Act of Congress, 80 Stat. 478; Pub. Law 89-554; 5 U.S.C.S. Revised, Section 5517, September 6, 1966, and Executive Order No. 10407, 17 F. R. 10132, November 7, 1952.
Codes, 1942, § 9220-82; Laws, 1968, ch. 580, § 22, eff. 1/1/1969.