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 10 - CATASTROPHE SAVINGS ACCOUNTS (§§ 27-7-1001 — 27-7-1007) › Section 27-7-1003 - Catastrophe savings accounts excluded from taxable gross income; limitations on total amount of contributions to catastrophe savings accounts

(1)
Except as otherwise provided in Section
27-7-1005
, the amounts contributed to a catastrophe savings account in accordance with subsection (3) of this section, interest income earned on a catastrophe savings account, and distributions from a catastrophe savings account shall be excluded from the taxable gross income of the account holder under Section
27-7-15
.
(2)
A catastrophe savings account is not subject to attachment, levy, garnishment, or legal process in this state, provided that no funds in an account are derived from or the result of a fraudulent conveyance making contributions to the account.
(3)
The total amount that may be contributed to a catastrophe savings account shall not exceed any of the following:
(a)
In the case of an individual whose qualified insurance deductible is less than or equal to One Thousand Dollars ($1,000.00), the amount of Two Thousand Dollars ($2,000.00).
(b)
In the case of an individual whose qualified insurance deductible is greater than One Thousand Dollars ($1,000.00), the amount equal to the lesser of Fifteen Thousand Dollars ($15,000.00) or twice the amount of the taxpayer's qualified insurance deductible.
(c)
In the case of a self-insured individual who chooses not to obtain insurance on his or her legal residence, the amount of Three Hundred Fifty Thousand Dollars ($350,000.00), but in no event may the amount contributed exceed the value of the taxpayer's legal residence.
(4)
If a taxpayer contributes in excess of the limits provided in subsection (3) of this section, the taxpayer shall withdraw the amount of the excess contributions and include that amount in the taxable gross income of the taxpayer in the year of withdrawal.
Added by Laws, 2015, ch. 457, § 2, 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 10 - CATASTROPHE SAVINGS ACCOUNTS (§§ 27-7-1001 — 27-7-1007) › Section 27-7-1005 - Distributions from catastrophe savings accounts

(1)
A distribution from a catastrophe savings account shall be included in the taxable gross income of the taxpayer unless the amount of the distribution is used to pay qualified catastrophe expenses.
(2)
No amount of a distribution shall be included in the taxable gross income of the taxpayer if the qualified catastrophe expenses of the taxpayer during the taxable year are equal to or greater than the aggregate distributions during the taxable year.
(3)
If the aggregate distributions exceed the qualified catastrophe expenses during the taxable year, the amount otherwise included in the taxable gross income of the taxpayer shall be reduced by the amount of the distributions for qualified catastrophe expenses.
(4)
(a)
The tax paid under Section
27-7-5
that is attributable to a taxable distribution shall be increased by two and one-half percent (2-1/2%) of the amount of the distribution that is includable in the taxable gross income of the taxpayer.
(b)
The additional tax imposed by this subsection does not apply if either of the following apply:
(i)
The taxpayer no longer owns a legal residence that qualifies for homestead exemption under Section
27-33-1
et seq.; or
(ii)
The distribution is from a catastrophe savings account conforming with Section
27-7-1003(3)(c)
and is made on or after the date on which the taxpayer attains the age of seventy (70) years.
(5)
If a taxpayer who owns a catastrophe savings account dies, the amount of money in his or her account shall be included in the taxable gross income of the person who receives the account, unless that person is the surviving spouse of the taxpayer. Upon the death of the surviving spouse, the amount of money in the account shall be included in the taxable gross income of the person who receives the account. The additional tax imposed in subsection (4) of this section does not apply to a distribution from the account upon the death of the taxpayer or the surviving spouse.
Added by Laws, 2015, ch. 457, § 3, 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 10 - CATASTROPHE SAVINGS ACCOUNTS (§§ 27-7-1001 — 27-7-1007) › Section 27-7-1007 - Commissioner of Revenue to promulgate rules and regulations to implement and administer this article

The Commissioner of Revenue may promulgate rules and regulations necessary to implement and administer this article.
Added by Laws, 2015, ch. 457, § 4, 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 11 - FIRST-TIME HOME BUYER SAVINGS ACCOUNTS (§§ 27-7-1101 — 27-7-NEW-002) › Section 27-7-1101 - Definitions

As used in this article, the following words shall have the meanings ascribed herein unless the context clearly requires otherwise:
(a)
" Account holder" means an individual who establishes, individually or jointly with one or more other individuals, an account with a financial institution for which the account holder claims a first-time home buyer savings account status on his Mississippi income tax return.
(b)
"Allowable closing costs" means a disbursement listed on a settlement statement for the purchase of a single-family residence in this state by a qualified beneficiary.
(c)
"Eligible costs" means the down payment and allowable closing costs for the purchase of a single-family residence in this state by a qualified beneficiary.
(d)
"Financial institution" means any bank, trust company, savings institution, consumer finance company, credit union, safe deposit company, money market mutual fund, or similar entity authorized to do business in this state.
(e)
"First-time home buyer savings account" or "account" means an account with a financial institution for which the account holder claims first-time home buyer savings account status on his Mississippi income tax return for taxable year 2018 or any taxable year thereafter, pursuant to this article for the purpose of paying or reimbursing eligible costs for the purchase of a single-family residence in this state by a qualified beneficiary.
(f)
"Qualified beneficiary" means an individual or individuals who reside in this state at the time of settlement on the purchase of a single-family residence in this state and:
(i)
Have never owned or purchased under contract for deed, either individually or jointly, a single-family residence in this state or outside of this state;
(ii)
Are designated as the beneficiary of an account designated by the account holder as a first-time home buyer savings account; and
(iii)
May apply monies or funds held in such account for eligible costs. A qualified beneficiary may use the funds from such account for eligible costs regardless of whether such qualified beneficiary purchases the single-family residence as sole owner or jointly with another individual.
(g)
"Settlement statement" means the statement of receipts and disbursements for a transaction related to real estate, including a statement prescribed under the Real Estate Settlement Procedures Act of 1974 (RESPA), 12 USCS Section 2601 et seq., as amended, and the regulations thereunder, or an executed sales agreement for the purchase of a manufactured home being conveyed as personal property.
(h)
"Single-family residence" means a single-family residence owned and occupied by a qualified beneficiary, and also includes a manufactured home, modular home, mobile home, condominium unit, or cooperative.
(i)
"State" means the State of Mississippi.
Added by Laws, 2017, ch. 376, HB 1601, 1, eff. 1/1/2017.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 8 - MISSISSIPPI S CORPORATION INCOME TAX ACT (§§ 27-8-1 — 27-8-21) › Section 27-8-1 - Title of chapter

The title of this chapter shall be the "Mississippi S Corporation Income Tax Act."
Laws, 1993, ch. 456, § 1, eff. 1/1/1994.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 8 - MISSISSIPPI S CORPORATION INCOME TAX ACT (§§ 27-8-1 — 27-8-21) › Section 27-8-3 - Definitions

(1)
For purposes of this chapter, the following terms shall have meanings ascribed below:
(a)
"C corporation" means a corporation which is not an S corporation.
(b)
"Code" means the Internal Revenue Code of 1986, as amended and as applicable to the taxable period; references to sections of the code shall be deemed to refer to corresponding provisions of prior and subsequent federal tax laws.
(c)
"Income attributable to the state" means items of income, loss, deduction or credit of the S corporation apportioned to this state under Section
27-7-23(c)(2)
or allocated to this state under Section
27-7-23(c)(3)
.
(d)
"Income not attributable to the state" means all items of income, loss, deduction or credit of the S corporation other than income attributable to the state.
(e)
"Post-termination transition period" means that period defined in Section 1377(b)(1) of the code.
(f)
"Pro rata share" means the portion of any item attributable to an S corporation shareholder for a taxable period determined in the manner provided in, and subject to any election made under, Section 1377(a) or 1362(e), as the case may be, of the code.
(g)
"S corporation" means a corporation for which a valid election under Section 1362(a) of the code is in effect.
(h)
"Taxable period" means any taxable year or portion of a taxable year during which a corporation is an S corporation.
(2)
Except as otherwise expressly provided or clearly appearing from the context, any term used in this chapter shall have the same meaning as when used in a comparable context in the code, or in any statute relating to federal income taxes, in effect for the taxable period. Due consideration shall be given in the interpretation of this chapter to applicable sections of the code in effect from time to time and to federal rulings and regulations interpreting such sections, provided such code, rulings and regulations do not conflict with the provisions of this chapter.
Laws, 1993, ch. 456, § 2; Laws, 2001, ch. 586, § 6, eff. 1/1/2001.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 8 - MISSISSIPPI S CORPORATION INCOME TAX ACT (§§ 27-8-1 — 27-8-21) › Section 27-8-5 - Uniformity with other states' statutes

This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject matter of this chapter among states enacting it.
Laws, 1993, ch. 456, § 3, eff. 1/1/1994.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 8 - MISSISSIPPI S CORPORATION INCOME TAX ACT (§§ 27-8-1 — 27-8-21) › Section 27-8-7 - Exemption from Chapter 7 income tax; calculation of shareholders' gross income

(1)
An S corporation shall not be subject to the tax imposed by Section
27-7-5
; however, for an S corporation that has made an election under Section
27-7-26
to be taxed as an electing pass-through entity, the S corporation shall be subject to and pay such tax as provided for in Section
27-7-26
.
(2)
For purposes of Section
27-7-15
, each shareholder's pro rata share of the S corporation's income attributable to the state, and each resident shareholder's pro rata share of the S corporation's income not attributable to the state, shall be taken into account by the shareholder in the manner provided in Section 1366 of the Code.
(3)
For purposes of determining the amounts taken into account by the shareholders of an S corporation under subsection (2) of this section, the amount of any tax imposed on the S corporation under the Code shall not reduce the S corporation's income attributable to the state and income not attributable to the state.
Laws, 1993, ch. 456, § 4, eff. 1/1/1994.
Amended by Laws, 2022, ch. 416, HB 1691,§ 3, eff. 1/1/2022.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 8 - MISSISSIPPI S CORPORATION INCOME TAX ACT (§§ 27-8-1 — 27-8-21) › Section 27-8-9 - Character of items received by corporation but accounted for by shareholder

The character of any S corporation item taken into account by a shareholder of an S corporation under Section
27-8-7(2)
shall be determined as if such item were received or incurred by the S corporation and not its shareholder.
Laws, 1993, ch. 456, § 5, eff. 1/1/1994.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 8 - MISSISSIPPI S CORPORATION INCOME TAX ACT (§§ 27-8-1 — 27-8-21) › Section 27-8-13 - Carryforwards and carrybacks; accounting for losses and deductions

(1)
Carryforwards and carrybacks to and from taxable periods of an S corporation shall be restricted in the manner provided in Section 1371(b) of the Code.
(2)
The aggregate amount of losses or deductions of an S corporation taken into account by a shareholder of the S corporation for a taxable period pursuant to Section
27-8-7(2)
shall not exceed the shareholder's combined adjusted basis, determined in accordance with Section
27-8-11
, in the stock of the S corporation and any indebtedness of the S corporation to the shareholder.
(3)
Any loss or deduction of an S corporation which is disallowed for a taxable period pursuant to subsection (2) of this section shall be treated as incurred by the corporation in the succeeding taxable period with respect to that shareholder.
(4)
(a)
Any loss or deduction of an S corporation, which is disallowed pursuant to subsection (2) of this section for the corporation's last taxable period as an S corporation, shall be treated as incurred by a shareholder on the last day of any post-termination transition period.
(b)
The aggregate amount of losses and deductions taken into account by a shareholder under subsection (4)(a) of this section shall not exceed the shareholder's adjusted basis in the stock of the corporation (determined in accordance with Section
27-8-11
at the close of the last day of any post-termination transition period and without regard to this subsection (4)).
Laws, 1993, ch. 456, § 7, eff. 1/1/1994.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 8 - MISSISSIPPI S CORPORATION INCOME TAX ACT (§§ 27-8-1 — 27-8-21) › Section 27-8-15 - Apportionment of income to shareholder for periods of state residency and nonresidency within same year

For purposes of this chapter, if a shareholder of an S corporation is both a resident and nonresident of this state during any taxable period, the shareholder's pro rata share of the S corporation's income attributable to the state and income not attributable to the state for the taxable period shall be further prorated between the shareholder's periods of residence and nonresidence during the taxable period, in accordance with the number of days in each period.
Laws, 1993, ch. 456, § 8, eff. 1/1/1994.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 8 - MISSISSIPPI S CORPORATION INCOME TAX ACT (§§ 27-8-1 — 27-8-21) › Section 27-8-17 - Treatment of stock or money distributions to resident shareholders

(1)
Subject to subsection (3) of this section, a distribution made by an S corporation with respect to its stock to a resident shareholder shall be taken into account by the shareholder for purposes of Section
27-7-15
to the extent that the distribution is treated as a dividend or as gain from the sale or exchange of property pursuant to Section 1368 of the Code.
(2)
Subject to subsection (3) of this section, a distribution of money made by a corporation with respect to its stock to a resident shareholder during a post-termination transition period shall not be taken into account by the shareholder for purposes of Section
27-7-15
to the extent the distribution is applied against and reduces the adjusted basis of the stock of the shareholder in accordance with Section 1371(e) of the Code.
(3)
In applying Sections 1368 and 1371(e) of the Code to any distribution referred to in subsection (1) or (2) of this section,
(a)
The term "adjusted basis of the stock" means the shareholder's adjusted basis in the stock of the S corporation, as determined under Section
27-8-11
; and
(b)
The term "accumulated adjustments account" means an amount that is equal to, and adjusted in the same manner as, the S corporation's accumulated adjustments account defined in Section 1368(e)(1)(A) of the Code, except that any differences between state and federal taxable income shall be taken into account.
Laws, 1993, ch. 456, § 9, eff. 1/1/1994.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 8 - MISSISSIPPI S CORPORATION INCOME TAX ACT (§§ 27-8-1 — 27-8-21) › Section 27-8-21 - Credit for income tax paid by shareholder to another state

For purposes of Section
27-7-77
, each resident shareholder shall be considered to have paid a tax imposed on the shareholder in an amount equal to the shareholder's pro rata share of any net income tax paid by the S corporation to a state which does not measure the income of shareholders of an S corporation by reference to the income of the S corporation. For purposes of the preceding sentence, the term "net income tax" means any tax imposed on or measured by a corporation's net income.
Laws, 1993, ch. 456, § 11, eff. 1/1/1994.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 9 - ESTATE TAX (§§ 27-9-1 — 27-9-61) › Section 27-9-1 - Citation of chapter

This chapter may be cited as the estate tax law.
Codes, 1942, § 9262-01; Laws, 1956, ch. 413, § 1.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 9 - ESTATE TAX (§§ 27-9-1 — 27-9-61) › Section 27-9-3 - Definitions

When used in reference to the estate tax in this chapter:
(a)
"Commission," "State Tax Commission" or "department" means the Department of Revenue of the State of Mississippi.
(b)
"Commissioner," "Chairman of the State Tax Commission" or "chairman of the commission" means the Commissioner of Revenue of the Department of Revenue, or any agent appointed by law under him.
(c)
"Executor" means the executor or administrator of the decedent, or, if there is no executor or administrator, any person who takes possession of any property of the decedent.
(d)
"Person" means persons, corporations, associations, joint stock companies and business trusts.
(e)
"Transfer" shall be taken to include the passing of property or any interest therein, in possession or enjoyment, present or future, by inheritance, descent, devise, succession, bequest, grant, deed, bargain, sale, gift, or appointment in the manner herein described.
(f)
"Decedent" shall include the testator, intestate, grantor, bargainor, vendor or donor.
(g)
"Resident" means natural persons and includes for the purpose of determining liability for the tax imposed, any person domiciled in the State of Mississippi and any other person who maintains a permanent place of abode within the state and spends in the aggregate, more than six (6) months of the taxable year within the state.
(h)
"Nonresident" shall apply to any natural person whose domicile is without the State of Mississippi or who maintains a place of abode without the state, and spends in the aggregate, more than six (6) months of the taxable year without the state.
Codes, 1942, § 9262-02; Laws, 1956, ch. 413, § 2; Laws, 2009, ch. 492, § 49, eff. 7/1/2010.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 9 - ESTATE TAX (§§ 27-9-1 — 27-9-61) › Section 27-9-5 - [For decedents dying after March 22, 1956, and before October 1, 1988] Tax levy

A tax equal to the sum of the following percentages of the value of the net estate is hereby imposed upon the transfer of the net estate of every decedent dying after March 22, 1956, and before October 1, 1988, whether a resident or a nonresident of the State of Mississippi:
MISSISSIPPI ESTATE TAX SCHEDULE
Over
But not over
Of excess over
$ -0-
$ 60,000
1%
60,000
100,000
$ 600 plus 1.6%
60,000
100,000
200,000
1,240 plus 2.4%
100,000
200,000
400,000
3,640 plus 3.2%
200,000
400,000
600,000
10,040 plus 4.0%
400,000
600,000
800,000
18,040 plus 4.8%
600,000
800,000
1,000,000
27,640 plus 5.6%
800,000
1,000,000
1,500,000
38,840 plus 6.4%
1,000,000
1,500,000
2,000,000
70,840 plus 7.2%
1,500,000
2,000,000
2,500,000
106,840 plus 8.0%
2,000,000
2,500,000
3,000,000
146,840 plus 8.8%
2,500,000
3,000,000
3,500,000
190,840 plus 9.6%
3,000,000
3,500,000
4,000,000
238,840 plus 10.4%
3,500,000
4,000,000
5,000,000
290,840 plus 11.2%
4,000,000
5,000,000
6,000,000
402,840 plus 12.0%
5,000,000
6,000,000
7,000,000
522,840 plus 12.8%
6,000,000
7,000,000
8,000,000
650,840 plus 13.6%
7,000,000
8,000,000
9,000,000
786,840 plus 14.4%
8,000,000
9,000,000
10,000,000
930,840 plus 15.2%
9,000,000
10,000,000 and over
1,082,840 plus 16.0%
10,000,000
Provided, however, that the tax due under this section shall not be less than the state death tax credit allowable under Title 26, Section 2011, USCS.
Codes, 1942, § 9262-03; Laws, 1956, ch. 413, § 3; Laws, 1978, ch. 452, § 1; Laws, 1988, ch. 549, § 1; Laws, 1989, ch. 521, § 1; Laws, 2000, ch. 490, § 1, eff. 4/27/2000.
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 9 - ESTATE TAX (§§ 27-9-1 — 27-9-61) › Section 27-9-5 - [For decedents dying on or after October 1, 1988, and before October 1, 1989] Tax levy

A tax equal to the sum of the following percentages of the value of the net estate is hereby imposed upon the transfer of the net estate of every decedent dying on or after October 1, 1988, and before October 1, 1989, whether a resident or a nonresident of the State of Mississippi:
MISSISSIPPI ESTATE TAX SCHEDULE
Over
But not over
Of excess over
$ -0-
$ 100,000
1.7%
100,000
200,000
1,700 plus 3.4%
100,000
200,000
400,000
5,100 plus 5.2%
200,000
400,000
600,000
15,500 plus 6.6%
400,000
600,000
800,000
28,700 plus 8.0%
600,000
800,000
1,000,000
44,700 plus 9.7%
800,000
1,000,000
1,500,000
64,100 plus 11.4%
1,000,000
1,500,000
2,000,000
121,100 plus 12.7%
1,500,000
2,000,000
2,500,000
184,600 plus 14.0%
2,000,000
2,500,000
3,000,000
254,600 plus 15.3%
2,500,000
3,000,000
3,500,000
331,100 plus 16.7%
3,000,000
3,500,000 and over
414,600 plus 18.4%
3,500,000
Provided, however, that the tax due under this section shall not be less than the state death tax credit allowable under Title 26, Section 2011, USCS.
Codes, 1942, § 9262-03; Laws, 1956, ch. 413, § 3; Laws, 1978, ch. 452, § 1; Laws, 1988, ch. 549, § 1; Laws, 1989, ch. 521, § 1; Laws, 2000, ch. 490, § 1, eff. 4/27/2000.
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 9 - ESTATE TAX (§§ 27-9-1 — 27-9-61) › Section 27-9-5 - [For decedents dying on or after October 1, 1989, and before October 1, 1990] Tax levy

A tax equal to the sum of the following percentages of the value of the net estate is hereby imposed upon the transfer of the net estate of every decedent dying on or after October 1, 1989, and before October 1, 1990, whether a resident or a nonresident of the State of Mississippi:
MISSISSIPPI ESTATE TAX SCHEDULE
Over
But not over
Of excess over
$ -0-
$ 100,000
1.4%
100,000
200,000
1,400 plus 2.8%
100,000
200,000
400,000
4,200 plus 4.4%
200,000
400,000
600,000
13,000 plus 5.75%
400,000
600,000
800,000
24,500 plus 6.9%
600,000
800,000
1,000,000
38,300 plus 8.3%
800,000
1,000,000
1,500,000
54,900 plus 9.7%
1,000,000
1,500,000
2,000,000
103,400 plus 10.85%
1,500,000
2,000,000
2,500,000
157,650 plus 12.0%
2,000,000
2,500,000
3,000,000
217,650 plus 13.15%
2,500,000
3,000,000
3,500,000
283,400 plus 14.3%
3,000,000
3,500,000
4,000,000
354,900 plus 15.7%
3,500,000
4,000,000
5,000,000
433,400 plus 16.1%
4,000,000
5,000,000
6,000,000
594,400 plus 16.5%
5,000,000
6,000,000
7,000,000
759,400 plus 16.9%
6,000,000
7,000,000
8,000,000
928,400 plus 17.3%
7,000,000
8,000,000
9,000,000
1,101,400 plus 17.7%
8,000,000
9,000,000
10,000,000
1,278,400 plus 18.1%
9,000,000
10,000,000 and over
1,459,400 plus 18.5%
10,000,000
Provided, however, that the tax due under this section shall not be less than the state death tax credit allowable under Title 26, Section 2011, USCS.
Codes, 1942, § 9262-03; Laws, 1956, ch. 413, § 3; Laws, 1978, ch. 452, § 1; Laws, 1988, ch. 549, § 1; Laws, 1989, ch. 521, § 1; Laws, 2000, ch. 490, § 1, eff. 4/27/2000.
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 9 - ESTATE TAX (§§ 27-9-1 — 27-9-61) › Section 27-9-5 - [For decedents dying on or after October 1, 1990, and before January 1, 2000] Tax levy

A tax equal to the sum of the following percentages of the value of the net estate is hereby imposed upon the transfer of the net estate of every decedent dying on or after October 1, 1990, whether a resident or a nonresident of the State of Mississippi:
MISSISSIPPI ESTATE TAX SCHEDULE
Over
But not over
Of excess over
$ -0-
$ 60,000
1%
60,000
100,000
$ 600 plus 1.6%
60,000
100,000
200,000
1,240 plus 2.4%
100,000
200,000
400,000
3,640 plus 3.2%
200,000
400,000
600,000
10,040 plus 4.0%
400,000
600,000
800,000
18,040 plus 4.8%
600,000
800,000
1,000,000
27,640 plus 5.6%
800,000
1,000,000
1,500,000
38,840 plus 6.4%
1,000,000
1,500,000
2,000,000
70,840 plus 7.2%
1,500,000
2,000,000
2,500,000
106,840 plus 8.0%
2,000,000
2,500,000
3,000,000
146,840 plus 8.8%
2,500,000
3,000,000
3,500,000
190,840 plus 9.6%
3,000,000
3,500,000
4,000,000
238,840 plus 10.4%
3,500,000
4,000,000
5,000,000
290,840 plus 11.2%
4,000,000
5,000,000
6,000,000
402,840 plus 12.0%
5,000,000
6,000,000
7,000,000
522,840 plus 12.8%
6,000,000
7,000,000
8,000,000
650,840 plus 13.6%
7,000,000
8,000,000
9,000,000
786,840 plus 14.4%
8,000,000
9,000,000
10,000,000
930,840 plus 15.2%
9,000,000
10,000,000 and over
1,082,840 plus 16.0%
10,000,000
Provided, however, that the tax due under this said section shall not be less than the state death tax credit allowable under Title 26, Section 2011, USCS.
Codes, 1942, § 9262-03; Laws, 1956, ch. 413, § 3; Laws, 1978, ch. 452, § 1; Laws, 1988, ch. 549, § 1; Laws, 1989, ch. 521, § 1; Laws, 2000, ch. 490, § 1, eff. 4/27/2000.
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 9 - ESTATE TAX (§§ 27-9-1 — 27-9-61) › Section 27-9-5 - [For decedents dying on or after January 1, 2000] Tax levy

A tax is hereby imposed upon the transfer of the net estate of every decedent dying on or after January 1, 2000, in an amount equal to the maximum amount of state death tax credit permissible as a credit or deduction in computing any federal estate tax payable by the estate according to the act of Congress in effect, on the date of the death of the decedent, taxing such estate with respect to the items subject to taxation in Mississippi. The tax imposed by this section shall not exceed the aggregate amounts which may by any law of the United States be allowed to be credited against or deducted for federal estate tax. The tax imposed by this section shall be due in the proportion that the estate located in Mississippi bears to the entire estate wherever located. The estate tax hereby imposed by this section shall only be exercised or enforced to the extent of absorbing the amount of any deduction or credit which may be permitted by the laws of the United States now existing or hereafter enacted to be claimed as a deduction or credit against such similar tax of the United States applicable to Mississippi estates.
Codes, 1942, § 9262-03; Laws, 1956, ch. 413, § 3; Laws, 1978, ch. 452, § 1; Laws, 1988, ch. 549, § 1; Laws, 1989, ch. 521, § 1; Laws, 2000, ch. 490, § 1, eff. 4/27/2000.
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 9 - ESTATE TAX (§§ 27-9-1 — 27-9-61) › Section 27-9-9 - [For decedents dying before October 1, 1988] Determination of net estate of resident decedent

For the purpose of the tax in the case of a resident, the value of the net estate shall be determined by deducting from the value of the gross estate:
(1)
Such amounts for funeral expenses, administration expenses, claims against the estate, unpaid mortgages, losses incurred during the settlement of the estate arising from fires, storms, shipwreck or other casualties, or from theft, when such losses are not compensated by insurance or otherwise, and such amounts reasonably required and actually expended for the support during the settlement of the estate, of those dependent upon the decedent, as are allowed by the laws of Mississippi, but not including any income taxes upon the income received after the death of the decedent, or any estate taxes;
(2)
An amount equal to the value at the time of the decedent's death of any property, real, personal, or mixed, which can be identified as having been received by the decedent as a share in the estate of any person who died within two years prior to the death of the decedent, or which can be identified as having been acquired by the decedent in exchange for property so received, if an estate tax under this chapter or any previous estate or inheritance tax act of this state was collected from such estate and if such property is included in the decedent's gross estate;
(3)
The amount of all bequests, legacies, devises or gifts to or for the use of the State of Mississippi, or for any political subdivision thereof, for exclusive public purposes; or to or for the use of any corporation or association organized and operated exclusively for religious, charitable, scientific, literary, or educational purposes, no part of the net earnings of which inures to the benefit of any private stockholder or individual, or to the trustee or trustees exclusively for such religious, charitable, scientific, literary, or educational purposes. This deduction shall be made in all cases where such bequests are not prohibited by the Mississippi statute mortmain, provided that all charitable deductions shall be limited to charities located within the United States or its possessions.
Codes, 1942, § 9262-05; Laws, 1956, ch. 413, § 5; Laws, 1958, ch. 558; Laws, 1988, ch. 549, § 3; Laws, 1989, ch. 521, § 3, eff. 4/4/1989.
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 9 - ESTATE TAX (§§ 27-9-1 — 27-9-61) › Section 27-9-9 - [For decedents dying on or after October 1, 1988] Determination of net estate of resident decedent

For the purpose of the tax in the case of a resident, the value of the net estate shall be determined by deducting from the value of the gross estate:
(1)
Such amounts for funeral expenses, administration expenses, claims against the estate, unpaid mortgages (except that any mortgage on real property shall be deducted from the value of such property wherever located), losses incurred during the settlement of the estate arising from fires, storms, shipwreck or other casualties, or from theft, when such losses are not compensated by insurance or otherwise, and such amounts reasonably required and actually expended for the support during the settlement of the estate, of those dependent upon the decedent, as are allowed by the laws of Mississippi, but not including any income taxes upon the income received after the death of the decedent, or any estate taxes;
(2)
An amount equal to the value at the time of the decedent's death of any property, real, personal or mixed, which can be identified as having been received by the decedent as a share in the estate of any person who died within two (2) years prior to the death of the decedent, or which can be identified as having been acquired by the decedent in exchange for property so received, if an estate tax under this chapter or any previous estate or inheritance tax act of this state was collected from such estate and if such property is included in the decedent's gross estate;
(3)
The amount of all bequests, legacies, devises or gifts to or for the use of the State of Mississippi, or for any political subdivision thereof, for exclusive public purposes; or to or for the use of any corporation or association organized and operated exclusively for religious, charitable, scientific, literary or educational purposes, no part of the net earnings of which inures to the benefit of any private stockholder or individual, or to the trustee or trustees exclusively for such religious, charitable, scientific, literary or educational purposes. This deduction shall be made in all cases where such bequests are not prohibited by the Mississippi statute mortmain, provided that all charitable deductions shall be limited to charities located within the United States or its possessions.
Codes, 1942, § 9262-05; Laws, 1956, ch. 413, § 5; Laws, 1958, ch. 558; Laws, 1988, ch. 549, § 3; Laws, 1989, ch. 521, § 3, eff. 4/4/1989.
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 9 - ESTATE TAX (§§ 27-9-1 — 27-9-61) › Section 27-9-11 - Specific exemption as to estate of resident decedent

For the purposes of the tax imposed by this chapter the value of the taxable estate shall be determined in the case of a resident by deducting from the gross estate, after the deductions provided for in Section
27-9-9
have been made, the sum of One Hundred Twenty Thousand Six Hundred Sixty-six Dollars ($120,666.00) in the case of a decedent dying in 1978; the sum of One Hundred Thirty-four Thousand Dollars ($134,000.00) in the case of a decedent dying in 1979; the sum of One Hundred Forty-seven Thousand Three Hundred Thirty-three Dollars ($147,333.00) in the case of a decedent dying in 1980; the sum of One Hundred Sixty-one Thousand Five Hundred Sixty-three Dollars ($161,563.00) in the case of a decedent dying in 1981; and the sum of One Hundred Seventy-five Thousand Six Hundred Twenty-five Dollars ($175,625.00) in the case of a decedent dying in 1982 or any date thereafter prior to October 1, 1988; the sum of Four Hundred Thousand Dollars ($400,000.00) in the case of a decedent dying on or after October 1, 1988, but prior to October 1, 1989; the sum of Five Hundred Thousand Dollars ($500,000.00) in the case of a decedent dying on or after October 1, 1989, but prior to October 1, 1990; the sum of Six Hundred Thousand Dollars ($600,000.00) in the case of a decedent dying on or after October 1, 1990, but prior to January 1, 1998; the sum of Six Hundred Twenty-five Thousand Dollars ($625,000.00) in the case of a decedent dying in 1998; the sum of Six Hundred Fifty Thousand Dollars ($650,000.00) in the case of a decedent dying in 1999; the sum of Six Hundred Seventy-five Thousand Dollars ($675,000.00) in the case of a decedent dying in 2000 or 2001; the amount of the applicable exclusion established under
26 USC 2010
, in the case of a decedent dying on or after January 1, 2002.
Codes, 1942, § 9262-06; Laws, 1956, ch. 413, § 6; Laws, 1978, ch. 452, § 4; Laws, 1988, ch. 549, § 4; Laws, 1998, ch. 464, § 1; Laws, 2002, ch. 517, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 9 - ESTATE TAX (§§ 27-9-1 — 27-9-61) › Section 27-9-13 - When intangibles of nonresident are exempt

The tax imposed under the estate tax law of this state in respect of personal property (except tangible personal property having an actual situs in this state) shall not be payable (a) if the transferor at the time of his death was a resident of a state or territory of the United States, or the District of Columbia, which at the time of his death did not impose a death tax of any character in respect of personal property of residents of this state (except tangible personal property having an actual situs in such state, territory or district), or (b) if the laws of the state, territory or district of the residence of the transferor at the time of his death contained a reciprocal exemption provision under which nonresidents were exempted from said death taxes of every character in respect of personal property (except tangible personal property having an actual situs therein), provided that the state, territory or district of the residence of such nonresident decedents allowed a similar exemption to residents of the state, territory or district of residence of such decedent.
Codes, 1942, § 9262-06.5; Laws, 1960, ch. 462, § 1.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 9 - ESTATE TAX (§§ 27-9-1 — 27-9-61) › Section 27-9-15 - [For decedents dying before October 1, 1988] Determination of net estate of nonresident decedent

(1)
For the purposes of the tax in the case of a nonresident, the value of the net estate shall be determined by deducting from the value of that part of the gross estate which, at the time of death, is situated in the State of Mississippi that proportion of the deductions specified in subparagraphs 1 and 2 of Section
27-9-9
that the value of such part of the gross estate situated in the State of Mississippi bears to the value of the entire gross estate.
(2)
An amount equal to the value of any property forming a part of the gross estate situated in the State of Mississippi of any person who died within two (2) years prior to the death of the decedent, where such property can be identified as having been received by the decedent from such prior decedent by gift, bequest, devise, or inheritance, or which can be identified as having been acquired in exchange for property so received; provided, that this deduction shall be allowed only where an estate tax under this chapter or other laws was paid by or on behalf of the estate of such prior decedent and only in the amount of the value placed by the commissioner on such property in determining the value of the gross estate of such prior decedent, and only to the extent that the value of such property is included in that part of the decedent's gross estate which at the time of his death is situated in the state, and not deducted under the provisions of this chapter.
(3)
The amount of all bequests, legacies, devises, or transfers, except bona fide sales for a fair consideration in money or money's worth, in contemplation of or intended to take effect in possession or enjoyment at or after the decedent's death, to or for the use of the State of Mississippi or any political subdivision thereof, for exclusive public purposes or to or for the use of any domestic corporation or association organized and operating exclusively for religious, charitable, scientific, literary or educational purposes, no part of the net earnings of which inures to the benefit of any private stockholder or individual, or to a trustee or trustees exclusively for such religious, charitable, scientific, literary, or educational purposes within the State of Mississippi, provided such bequests are not void under the provisions of the Mississippi statutes of mortmain, it being the intention of this chapter to allow charitable deductions to nonresidents only when such deductions are to be used in this state, or are contributed to charitable or educational institutions operating, at least, partly within this state.
Codes, 1942, § 9262-08; Laws, 1956, ch. 413, § 8; Laws, 1988, ch. 549, § 5; Laws, 1989, ch. 521, § 5, eff. 4/4/1989.
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 9 - ESTATE TAX (§§ 27-9-1 — 27-9-61) › Section 27-9-17 - Deductions and exemptions as to estate of nonresident decedent

The executor of the estate of a nonresident shall have the option of paying an estate tax due under this chapter by paying on the proportion of the estate located in Mississippi, which said proportion bears to the entire estate wheresoever located, and taking the allowable deductions and exemptions in the same proportions, or by paying upon the gross estate located within this state without taking any deductions whatsoever, provided that it shall not be necessary for a nonresident to pay upon any estate unless the gross estate, wheresoever situated, shall be above the amount of the specific exemption provided in Section
27-9-11
.
Codes, 1942, § 9262-09; Laws, 1956, ch. 413, § 9; Laws, 1958, ch. 559; Laws, 1978, ch. 452, § 5, eff. 7/1/1978.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 9 - ESTATE TAX (§§ 27-9-1 — 27-9-61) › Section 27-9-19 - Situs of property

For the purpose of this tax, all tangible property, real, personal or mixed, located within the State of Mississippi at the date of decedent's death shall be deemed property within this state and shall be reported unless otherwise exempt.
Codes, 1942, § 9262-10; Laws, 1956, ch. 413, § 10; Laws, 1960, ch. 459.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 9 - ESTATE TAX (§§ 27-9-1 — 27-9-61) › Section 27-9-21 - Notice

The executor of an estate of gross value exceeding the amount of the specific exemption provided in Section
27-9-11
shall, within sixty (60) days after the decedent's death or within a like period after qualifying as such, give written notice thereof to the commissioner. Such notice shall show the name of the decedent, the date of death, the name of the attorney and the probable value of the gross estate, also what transfers, if any, the decedent made within two (2) years before his death.
Codes, 1942, § 9262-11; Laws, 1956, ch. 413, § 11; Laws, 1978, ch. 452, § 6, eff. 7/1/1978.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 9 - ESTATE TAX (§§ 27-9-1 — 27-9-61) › Section 27-9-23 - Executor to make return

Within nine (9) months, or any extensions thereof, after the death of the decedent, the executor shall make a return in all cases where the gross estate at the time of death of the decedent exceeds the amount of the specific exemption provided in Section
27-9-11
and in the estate of every nonresident when any part of his gross estate is situated within the State of Mississippi. If the executor is unable to make a complete return as to any part of the gross estate of the decedent, he shall include in his return a description of such property, and the name of every person holding a legal or beneficial interest therein, and upon notice from the commissioner such persons shall in like manner make a return as to such part of the gross estate. Provided, however, the tax due upon farms and closely held businesses shall be due and payable at the time the federal estate tax return is due and payable.
Codes, 1942, § 9262-13; Laws, 1956, ch. 413, § 13; Laws, 1972, ch. 457, § 2; Laws, 1978, ch. 452, § 7, eff. 7/1/1978.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 9 - ESTATE TAX (§§ 27-9-1 — 27-9-61) › Section 27-9-25 - No administration; false return; duty of commissioner

If no administration is granted upon the estate of the decedent, or if no return is filed or if the return contains a false or incorrect statement of material facts, the commissioner or his deputy or agent appointed by him under law, shall make a return and the commissioner shall assess the tax thereon as hereinafter provided by law.
Codes, 1942, § 9262-14; Laws, 1956, ch. 413, § 14.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 9 - ESTATE TAX (§§ 27-9-1 — 27-9-61) › Section 27-9-27 - When tax due

The tax shall constitute a debt due the state and shall be due and payable nine (9) months after the decedent's death but in any case where the commissioner finds that payment of the tax within such period would impose undue hardship on the estate he may grant an extension or extensions of time for payment not to exceed six (6) months in any one (1) extension from the due date of the return or the expiration of a previous extension, if any, and all unpaid balances shall bear interest at the rate of one-half of one percent (1/2 of 1%) per month, or major fraction thereof, from the due date until paid.
Codes, 1942, § 9262-15; Laws, 1956, ch. 413, § 15; Laws, 1972, ch. 457, § 3, eff. 5/5/1972 and applicable to estates of all decedents expiring on or after 7/1/1972.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 9 - ESTATE TAX (§§ 27-9-1 — 27-9-61) › Section 27-9-29 - Receipts; executor's return, discharge

The commissioner shall grant the person paying the tax a temporary receipt upon the payment of the amount of tax shown to be due on the return or any part thereof, but all returns shall remain subject to investigation and audit by the commissioner, who shall furnish to the person paying the tax or to the executor of the estate a full, final and complete receipt after said investigation has been completed and any additional tax found due has been paid. The commissioner shall have a period of four (4) years after the filing of said return within which time to make such investigation but in the event that the executor shall furnish to the commissioner a statement from the federal government that all federal estate taxes have been paid and giving the value of the property reported to and accepted by the federal government, the commissioner may at that time furnish the executor a final receipt if all estate taxes have been paid to the State of Mississippi upon the same basis of valuation as paid to the federal government. All valuations accepted by the federal government shall be prima facie correct for the purpose of the administration of this chapter, and the duty is placed upon the executor of the estate to furnish to the commissioner a copy of all valuations changed or accepted by the federal government for the purpose of administering the federal estate tax statute.
In the event that no estate tax return is filed, the commissioner shall have a period of ten (10) years from the due date of the return to investigate said estate and to assess estate tax.
Codes, 1942, § 9262-16; Laws, 1956, ch. 413, § 16.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 9 - ESTATE TAX (§§ 27-9-1 — 27-9-61) › Section 27-9-31 - [Repealed]

Repealed by Laws, 1988, ch. 549, § 8, eff. 10/1/1988.
Codes, 1942, § 9262-17; Laws, 1956, ch. 413, § 17.
Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 9 - ESTATE TAX (§§ 27-9-1 — 27-9-61) › Section 27-9-33 - Party paying reimbursed

If the tax or any part thereof is paid or collected out of that part of the estate passing to or in possession of, any person other than the executor in his capacity as such, such person shall be entitled to a reimbursement out of any part of the estate still undistributed or by a just and equitable contribution by the person whose interest in the estate of the decedent would have been reduced if the tax had been paid before the distribution of the estate or whose interest in the estate is subject to an equal or prior liability for the payment of tax, debts, or other charges against the estate, it being the purpose and intent of this section that so far as is practicable and unless otherwise directed by the will of the decedent, the tax shall be paid out of the estate before its distribution; but the commissioner shall not be charged with enforcing contribution from any person or persons.
Codes, 1942, § 9262-18; Laws, 1956, ch. 413, § 18.