reglab/statecodes huggingface dataset:
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 13 - Reporting or Changing Elections-Change in Reporting Methods › Section 35-3-01-13-101

Current through June 25, 2024
Additionally, if a taxpayer has an election available and
					 completes his return incorrectly (such as, but not limited to using method
					 which utilizes only part of the requirements of a certain election), the
					 Commissioner shall determine whether, in fact, an election has been made and
					 what method of reporting is to be used.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 13 - Reporting or Changing Elections-Change in Reporting Methods › Section 35-3-01-13-102

Current through June 25, 2024
Also, permission must be granted in writing by the
					 Commissioner before an accounting method, method of filing or any other
					 methodology change is used by the taxpayer.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 01 - Constructive Receipt of Income › Section 35-3-02-01-100

Current through June 25, 2024
Income which is credited to the account of, or set apart,
					 for a taxpayer and which may be used by the taxpayer at any time is subject to
					 tax for the year during which the income is credited or set apart, even though
					 the taxpayer does not have direct possession. To constitute receipt, the income
					 must be credited or set apart to the taxpayer without any substantial
					 limitation or restriction as to the time or the manner of payment or condition
					 upon which payment is to be made, and must be made available to be drawn at any
					 time, and its receipts brought within the taxpayer's control and disposition.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 01 - Constructive Receipt of Income › Section 35-3-02-01-101

Current through June 25, 2024
If interest coupons have matured and are payable, but have
					 not been cashed, such interest, though not collected when due and payable,
					 shall be included in gross income for the year during which the coupons mature,
					 unless it can be shown that there are no funds available for payment of
					 interest during such year. The interest shall be included in gross income even
					 though the coupons are exchanged for other property instead of eventually being
					 cashed. The amount of defaulted coupons is income for the year in which paid.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 01 - Constructive Receipt of Income › Section 35-3-02-01-102

Current through June 25, 2024
Dividends on corporate stock are subject to tax when
					 unqualifiedly made subject to the demand of the shareholder. If a dividend is
					 declared payable on December 31, and the corporation mailed the checks so that
					 the shareholder would not receive them until January of the following year, the
					 dividends are not considered to have been subject to the demand of the
					 shareholders prior to January, when the checks were actually
					 received.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 01 - Constructive Receipt of Income › Section 35-3-02-01-103

Current through June 25, 2024
Interest credited on saving bank deposits is income to the
					 depositor when credited. An amount credited to shareholders of a building and
					 loan association, when such credit passes without restriction to the
					 shareholder, has a taxable status as income for the year of the credit. If the
					 shares are restricted by a maturity date, the amount credited will be income to
					 the recipient when the shares mature, providing they are not available for
					 withdrawal prior to maturity.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 01 - Constructive Receipt of Income › Section 35-3-02-01-104

Current through June 25, 2024
In the case of a taxpayer reporting income on a cash
					 basis, there should be included in gross income only actual and constructive
					 receipts of income. Taxpayers reporting on the accrual basis must include in
					 gross income amounts received by them or accrued to them.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 02 - Compensation for Personal Services › Section 35-3-02-02-100

Current through June 25, 2024
Compensation means any form of payment made to an
					 individual for services rendered as an employee for an employer; services
					 performed as an employee representative and any separation or termination
					 allowance. Compensation includes wages, salaries, bonuses, gifts,
					 profit-sharing, commissions, tips, vacation pay, sick pay, medical benefits,
					 disability, expense reimbursement, cash incentives, monetary value of non-cash
					 incentives, and any other form of remuneration received in return for services.
					 Compensation can be further defined as income received from the United States
					 or any other state by officials or employees, thereof, whether in a civilian
					 capacity or in the military or naval service, commissions paid salesmen,
					 compensation for services on the basis of a percentage of profits, commissions
					 on insurance premiums, fees and other contributions received by a clergyman,
					 evangelist or religious worker for services rendered.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 02 - Compensation for Personal Services › Section 35-3-02-02-101

Current through June 25, 2024
Amounts withheld by the employer pursuant to the
					 requirements of Federal and State Income Tax Laws, Federal Social Security Act,
					 Civil Service Retirement Act, and similar retirement systems, unemployment
					 compensation contracts, group life and health plans, stock purchase plans,
					 etc., must be included in the gross income of the employee.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 02 - Compensation for Personal Services › Section 35-3-02-02-102

Current through June 25, 2024
Pursuant to Miss. Code Ann. Section
					 27-7-16,
					 amounts contributed to a tax-sheltered annuity plan, qualified retirement
					 account and authorized deferred compensation plan shall not be considered
					 elements of gross income in the tax year in which such amounts are
					 deferred.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 03 - Gain or Loss on Disposition of Property › Section 35-3-02-03-100

Current through June 25, 2024
The gain or loss from the sale or exchange of property is
					 included in or deducted from gross income, unless specifically excluded by law.
					 Property includes tangible items, such as buildings and office equipment, and
					 intangible items, such as patents and goodwill. Generally, the gain is the
					 excess of the amount realized over the unrecovered cost or other basis of the
					 property sold or exchanged. The specific rules for computing the amount of gain
					 or loss are contained in Miss. Code Ann. Section
					 27-7-9.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 03 - Gain or Loss on Disposition of Property › Section 35-3-02-03-101

Current through June 25, 2024
When a part of a larger property is sold, the cost or
					 other basis of the entire property shall be equitably apportioned among the
					 several parts, and the gain realized or loss sustained on the part of the
					 entire property sold is the difference between the selling price and the cost
					 or other basis allocated to such part. The sale of each part is treated as a
					 separate transaction and the gain or loss shall be computed separately on each
					 part. Thus, the gain or loss shall be determined at the time of sale of each
					 part and not deferred until the disposal of the entire property.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 03 - Gain or Loss on Disposition of Property › Section 35-3-02-03-102

Current through June 25, 2024
Certain realized gains or losses on the sale or exchange
					 of property are not included in or deducted from gross income at the time the
					 transaction occurs. Gains or losses from such sales or exchanges are recognized
					 as provided by statute.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 03 - Gain or Loss on Disposition of Property › Section 35-3-02-03-103

Current through June 25, 2024
Gains realized and recognized on the sale or exchange of a
					 capital asset are treated, for Mississippi income tax purposes, as ordinary
					 income and the total gain recognized on such sale must be included in gross
					 income.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 03 - Gain or Loss on Disposition of Property › Section 35-3-02-03-104

Current through June 25, 2024
Tax-free exchanges of property will only be allowed when:
1. The real or personal property of
				  both parties is located within Mississippi.
2. The gain on the exchange is recognized
				  under Section 1031 of the Internal Revenue Code.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 03 - Gain or Loss on Disposition of Property › Section 35-3-02-03-105

Current through June 25, 2024
When an exchange of property consists not only of property
					 that qualifies as a tax-free exchange but also other property or money, any
					 gain must be recognized by the recipient. A loss from this type of exchange is
					 not recognized. The gain will not be in excess of the fair market value of the
					 property and the amount of money received.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 04 - Interest Income › Section 35-3-02-04-100

Current through June 25, 2024
Interest received by or credited to the taxpayer
					 constitutes gross income and is fully taxable, unless specifically exempt or
					 excluded by statute. Interest income includes but is not limited to, interest
					 on savings or other bank deposits; interest on coupon bonds; interest on an
					 open account, a promissory note, a mortgage, or a corporate bond or debenture;
					 the interest portion of a condemnation award; usurious interest; interest on
					 legacies; and interest on life insurance proceeds held under an agreement to
					 pay interest thereon.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 04 - Interest Income › Section 35-3-02-04-101

Current through June 25, 2024
Miss. Code Ann. Section 27-7-15(4)(d) provides that gross
					 income does not include interest on obligations of the United States or its
					 possessions, securities issued under the provisions of the Federal Farm Loan
					 Act of 1916, bonds issued by the War Finance Corporation, or obligations of the
					 State of Mississippi or its political subdivisions.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 04 - Interest Income › Section 35-3-02-04-102

Current through June 25, 2024
31 U.S.C. Section
					 3124(a) prohibits states
					 from imposing an income tax on interest income from direct obligations of the
					 United States government. In addition, the enabling legislation for many
					 federal obligations and or instrumentalities prohibit state taxation on income.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 04 - Interest Income › Section 35-3-02-04-103

Current through June 25, 2024
"Obligations of the United States" refers to obligations
					 issued to secure credit to carry on the necessary functions of government.
					 United States obligations can also be defined as government obligations used to
					 finance the national debt. Examples of United States obligations include U.S.
					 Treasury Securities such as savings bonds, Treasury bills, bonds, notes and
					 certificates.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 04 - Interest Income › Section 35-3-02-04-104

Current through June 25, 2024
Interest on obligations of the State of Mississippi and
					 any political subdivision thereof is wholly exempt from tax. The term
					 "obligations of the State of Mississippi" means any obligation backed by the
					 credit of the State of Mississippi. "Any political subdivision" means any
					 county, city or town including special districts such as road, water, sewer,
					 reclamation, drainage, levee, school or similar districts. Interest received
					 upon obligations of any state or its political subdivisions other than
					 Mississippi is taxable.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 04 - Interest Income › Section 35-3-02-04-105

Current through June 25, 2024
Interest income earned in connection with repurchase
					 agreements is subject to tax. A repurchase agreement is an agreement with a
					 commitment by the seller (dealer) to buy a security back from the purchaser
					 (customer) at a specified price at a designated future date. It represents a
					 collateralized short-term loan where the collateral may be a federal obligation
					 such as a treasury security or federal agency security. The interest earned is
					 interest on a loan of funds rather than a direct payment of interest on a
					 federal obligation; therefore, it does not qualify for exemption.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 04 - Interest Income › Section 35-3-02-04-106

Current through June 25, 2024
A taxpayer's pro rata portion of interest dividends
					 distributed by a Regulated Investment Company, as defined in I.R.C. Section
					 851, is nontaxable to the extent that such pro rata portion represents interest
					 received by the Regulated Investment Company from governmental securities which
					 would be exempt for Mississippi income tax purposes if such governmental
					 securities were directly held by the taxpayer.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 04 - Interest Income › Section 35-3-02-04-107

Current through June 25, 2024
If the governmental agency merely acts as guarantors on
					 loans made by a private lender, such loans are not construed to be direct
					 obligations of the government and the interest accruing on such loans is
					 taxable. A governmental obligation that is secondary, indirect or contingent,
					 such as a guaranty of a non-governmental obligor's primary obligation to pay
					 the principal amount of and interest on a note, is not an obligation of the
					 type exempted under
					 31 U.S.C. Section
					 3124(a).
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 04 - Interest Income › Section 35-3-02-04-108

Current through June 25, 2024
Taxable interest income includes, but is not limited to,
					 interest earned on obligations from the following agencies, organizations and
					 associations:
1. Building and Loan
				  Associations
2. Credit Unions
3. Export-Import Bank of the
				  United States
4. Farmers Home
				  Administration
5. Federal
				  Agricultural Mortgage Corporation (Farmer Mac)
6. Federal Home Loan Mortgage Corporation
				  (Freddie Mac)
7. Federal Housing
				  Administration
8. Federal National
				  Mortgage Association (Fannie Mae)
9. Government National Mortgage Association
				  (Ginnie Mae)
10. Merchant Marine
				  (Maritime Administration)
11.
				  Money Market Certificates
12.
				  Mortgage Participation Certificates
13. Postal Savings Account
14. Savings and Loan Associations
15. Small Business Administration
16. Asian Development Bank
17. Inter-American Development Bank
18. International Bank for
				  Reconstruction and Development (World Bank)
19. Washington D.C. Metro Area Transit
				  Authority
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 04 - Interest Income › Section 35-3-02-04-109

Current through June 25, 2024
Tax-exempt interest includes, but is not limited to,
					 interest earned on obligations from the following agencies, organizations or
					 associations:
1. U. S. Treasury
2. Government of American Samoa
3. Government of Guam
4. Government of Puerto Rico
5. Government of Virgin Islands
6. Government of Northern Mariana Islands
7. Bank for Cooperatives
8. Commodity Credit Corporation
9. Farm Credit Banks
10. Farm Credit System Insurance Corporations
11. Federal Deposit Insurance
				  Corporation
12. Federal Financing
				  Bank
13. Federal Home Loan Banks
14. Federal Intermediate Credit
				  Banks
15. Federal Land Bank
				  Associations
16. Financial
				  Assistance Corporation
17.
				  Financing Corporation
18. General
				  Services Administration (GSA)
19.
				  Housing and Urban Development - General Insurance Fund
i. Armed Services Mortgage Insurance
ii. Mutual Mortgage Insurance Fund
iii. National Defense Housing Insurance
iv. Rental Housing
				  Insurance
v. War Housing
				  Insurance
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 04 - Interest Income › Section 35-3-02-04-110

Current through June 25, 2024
Interest received from a federal or state government that
					 was earned on other than investment obligations, such as interest on tax
					 refunds, is subject to Mississippi income tax and should be included in gross
					 income.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 05 - Rents and Royalties › Section 35-3-02-05-100

Current through June 25, 2024
The Commissioner will follow Federal Rules, Regulations
					 and Revenue Procedures relating to gross income from rents and royalties as are
					 deemed not contrary to the context and intent of Mississippi
					 Law.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 06 - Dividend Income › Section 35-3-02-06-101

Current through June 25, 2024
The term
"dividend"
for the purpose of the
					 Mississippi Income Tax Law means any distribution of property in the ordinary
					 course of business, even though extraordinary in amount, made by a domestic or
					 foreign corporation to its shareholders out of earnings and profit.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 06 - Dividend Income › Section 35-3-02-06-102

Current through June 25, 2024
The earnings and profits of the taxable year shall be
					 computed as of the close of such year, without reduction by reason of any
					 distributions made during the taxable year. Liquidating dividends do not have
					 the status of dividends for Mississippi income tax purposes. Such distributions
					 constitute a return of investment and the gain or loss realized or sustained is
					 one of capital.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 06 - Dividend Income › Section 35-3-02-06-103

Current through June 25, 2024
Dividends must be included in gross income of the
					 shareholder if such dividends have not already borne a tax in Mississippi or
					 another state prior to the receipt of same by such shareholders.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 06 - Dividend Income › Section 35-3-02-06-104

Current through June 25, 2024
In order for dividend interest from a domestic mutual
					 building and loan association to be excluded from gross income, it must be
					 clearly shown to the satisfaction of the Commissioner that such dividend
					 received has been used to reduce the total interest paid.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 06 - Dividend Income › Section 35-3-02-06-105

Current through June 25, 2024
Dividends are taxable to the taxpayer who has the right to
					 receive them. If a dividend is paid after stock is sold, whether the purchaser
					 or seller includes the dividend in gross income depends on when the sale took
					 place. When stock is sold, and a dividend is both declared and paid after the
					 sale, such dividend is not gross income to the seller. When stock is sold after
					 the declaration of a dividend and after the date the seller becomes entitled to
					 the dividend, the dividend is income to the seller. When the sale of stock
					 occurs between the time of declaration and the payment of the dividend, the
					 purchaser becomes entitled to the dividend and the dividend is income to the
					 purchaser. In some cases the purchaser may be considered the recipient of the
					 dividend even though they had not received the legal title to the stock and
					 they did not receive the dividend. For example, when the seller retains the
					 legal title to the stock as trustee solely for the purpose of securing the
					 payment of the stock's purchase price, with the understanding that the seller
					 will apply the dividends as payment to the stock's purchase price. In this
					 case, the dividends are considered to be income to the purchaser.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 06 - Dividend Income › Section 35-3-02-06-106

Current through June 25, 2024
If the purchaser includes the amount of an anticipated
					 dividend in the stock purchase price, this will not exempt the purchaser from
					 income tax on the dividend. The added amount is merely part of the purchase
					 price of the stock.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 06 - Dividend Income › Section 35-3-02-06-107

Current through June 25, 2024
Stock dividends are distributions of a company's earnings
					 to shareholders in the form of additional shares of the same company according
					 to the proportion of shares owned. Stock dividends are not included in the
					 shareholder's gross income unless the distribution falls under one of the
					 exceptions. Stock dividends do not change the total value of the stockholder's
					 stock, instead the basis of each share changes.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 06 - Dividend Income › Section 35-3-02-06-108

Current through June 25, 2024
Exceptions to the general tax-free treatment of stock
					 dividends occur when a stock dividend results in a change in the proportionate
					 ownership or increases a shareholder's interest in the assets or earnings and
					 profits of the corporation. When an exception applies, the stock dividend must
					 be recognized as income at the fair market value of the distributed stock as of
					 the date of distribution. Stock dividends are generally gross income to
					 shareholders in the following situations:
a. A distribution in which any shareholder
				  has the option to receive cash or other property instead of stock in the
				  distributing corporation;
b.
				  Disproportionate distribution of stock;
c. Any distribution of stock which results in
				  some common shareholders receiving preferred stock and the other common
				  shareholders receiving common stock;
d. Distribution on preferred stock; and
e. Distribution of convertible
				  preferred stock.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 06 - Dividend Income › Section 35-3-02-06-109

Current through June 25, 2024
Dividends paid in securities or other property (other than
					 its own stock) in which the earnings of a corporation have been invested are
					 income to the recipients at the fair market value of such property when
					 distributed by the corporation to the shareholder. Scrip dividends are payments
					 to the company's shareholders in the form of new shares rather than money.
					 Scrip dividends are subject to tax in the year in which the certificate is
					 issued.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 06 - Dividend Income › Section 35-3-02-06-110

Current through June 25, 2024
If a corporation cancels or redeems its stock at such a
					 time and in such manner as to make the distribution in whole or in part
					 essentially equivalent to a taxable dividend, the amount so distributed, to the
					 extent it represents a distribution of earnings and profits, shall be treated
					 as a taxable dividend.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 06 - Dividend Income › Section 35-3-02-06-111

Current through June 25, 2024
The Commissioner will follow federal rules, regulations
					 and revenue procedures relating to dividends to the extent that such procedures
					 are not deemed contrary to the context and intent of Mississippi Law.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 07 - Income from Retirement Allowances, Pensions, Annuities or Optional Retirement Allowances › Section 35-3-02-07-100

Current through June 25, 2024
Amounts received as retirement allowances, pensions,
					 annuities or optional retirement allowances from any Federal, State, and
					 Private retirement system or plan are exempt from State Income
					 Tax.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 07 - Income from Retirement Allowances, Pensions, Annuities or Optional Retirement Allowances › Section 35-3-02-07-101

Current through June 25, 2024
Optional retirement allowances include all income from
					 Keogh Plans, Individual Retirement Accounts (IRA'S), and other similar tax
					 deferred plans.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 07 - Income from Retirement Allowances, Pensions, Annuities or Optional Retirement Allowances › Section 35-3-02-07-102

Current through June 25, 2024
Optional retirement allowances also include income from
					 deferred compensation plans to the extent these plans are tax deferred under
					 federal income tax law and the recipient is qualified to receive other
					 retirement income based on minimum age, years of service, or other criteria at
					 the time of receipt of the deferred compensation.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 07 - Income from Retirement Allowances, Pensions, Annuities or Optional Retirement Allowances › Section 35-3-02-07-103

Current through June 25, 2024
Amounts received as a distribution under a Roth Individual
					 Retirement Account shall be treated in the same manner as provided under the
					 Internal Revenue Code of 1986, as amended.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 07 - Income from Retirement Allowances, Pensions, Annuities or Optional Retirement Allowances › Section 35-3-02-07-104

Current through June 25, 2024
Early distributions from retirement plans do not qualify
					 for this exemption. Although these amounts are subject to state income tax,
					 there is no early withdrawal penalty for state purposes. In addition, the terms
					 "retirement allowances, pensions, annuities or optional retirement allowances"
					 do not include income from investments in stocks, bonds, intangible securities,
					 real properties, or tangible properties.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 07 - Income from Retirement Allowances, Pensions, Annuities or Optional Retirement Allowances › Section 35-3-02-07-105

Current through June 25, 2024
The above exemption from income tax extends to the spouse
					 or other beneficiary upon the death of the primary retiree.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 08 - Income of a Minor Child or Dependent › Section 35-3-02-08-100

Current through June 25, 2024
Compensation for personal services of a child shall,
					 regardless of the provisions of state law relating to whom is entitled to the
					 earnings of the child, and regardless of whether the income is in fact received
					 by the child, be deemed to be the gross income of the child and not the gross
					 income of the parent of the child. Such compensation, therefore, shall be
					 included in the gross income of the child and shall be reflected in the return
					 rendered by or for such child. The income of a minor child is not required to
					 be included in the gross income of the parent for income tax
					 purposes.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 08 - Income of a Minor Child or Dependent › Section 35-3-02-08-101

Current through June 25, 2024
In the determination of taxable income or net income, all
					 expenditures made by the parent or the child attributable to amounts which are
					 includible in the gross income of the child and not of the parent are deemed to
					 have been paid or incurred by the child. In such determinations, the child is
					 entitled to take deductions not only for expenditures made on his behalf by his
					 parent which would be commonly considered as business expense, but also for
					 other expenditures such as charitable contributions made by the parent in the
					 name of the child and out of the child's earnings.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 08 - Income of a Minor Child or Dependent › Section 35-3-02-08-102

Current through June 25, 2024
The term
"parent"
includes maternal parent,
					 adoptive parent, guardian or any other person who is legally charged with the
					 care of the minor.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 08 - Income of a Minor Child or Dependent › Section 35-3-02-08-103

Current through June 25, 2024
A tax return shall be made by the person charged with the
					 care of a minor or his property, unless the minor himself makes or causes to be
					 made his tax return.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 08 - Income of a Minor Child or Dependent › Section 35-3-02-08-104

Current through June 25, 2024
The Commissioner will follow Federal Rules, Regulations
					 and Revenue Procedures issued under Section 73, IRC, and such other Federal
					 Rules and Regulations relating to income of a minor child or dependent as are
					 deemed not contrary to the context and intent of Mississippi
					 Law.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 09 - Prizes, Awards, Stipends, Scholarships and Fellowship Grants › Section 35-3-02-09-100

Current through June 25, 2024
Amounts received as prizes and awards are generally
					 included in gross income. Examples include, but are not limited to, amounts
					 received from radio and television giveaway shows, door prizes, awards in
					 contests of all types, as well as any prizes and awards from an employer to an
					 employee in recognition of an employment related achievement.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 09 - Prizes, Awards, Stipends, Scholarships and Fellowship Grants › Section 35-3-02-09-101

Current through June 25, 2024
For prizes or awards other than money, the fair market
					 value of the goods or services is the amount to be included in gross income.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 09 - Prizes, Awards, Stipends, Scholarships and Fellowship Grants › Section 35-3-02-09-102

Current through June 25, 2024
Stipends, which are compensation for services (past,
					 present or future), are included in gross income.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 09 - Prizes, Awards, Stipends, Scholarships and Fellowship Grants › Section 35-3-02-09-103

Current through June 25, 2024
Gross income does not include scholarship or fellowship
					 grants when the funds are used for qualified education expenses. Qualified
					 education expenses include tuition and fees required for enrollment or
					 attendance at the education institution, or books, fees, supplies, and
					 equipment required for courses at the educational institution. Scholarship or
					 fellowship funds used for non-qualifying expenses are taxable. Non-qualifying
					 expenses include, but are not limited to, living and incidental expenses such
					 as room and board, travel, clerical help, research, non-required books and
					 optional equipment.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 09 - Prizes, Awards, Stipends, Scholarships and Fellowship Grants › Section 35-3-02-09-104

Current through June 25, 2024
The Commissioner will follow federal rules, regulations
					 and revenue procedures regarding prizes, awards and stipends as are deemed not
					 contrary to the context and intent of Mississippi Law.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 09 - Prizes, Awards, Stipends, Scholarships and Fellowship Grants › Section 35-3-02-09-105

Current through June 25, 2024
See Title 35 Mississippi Administrative Code, Part III,
					 Subpart 3, Chapter 09 Gaming Winnings and Gaming Income, for the treatment of
					 prizes from a gaming establishment or gaming activity.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 11 - Individual Non-Business Deductions › Section 35-3-02-11-100

Current through June 25, 2024
The amount allowable for individual non-business itemized
					 deductions for federal income tax purposes is the same for state income tax
					 purposes with the following exceptions:
1. The federal deduction for state and local
				  income taxes paid and any tax allowed for federal purposes in lieu of state
				  income tax;
2. Gambling losses
				  from Mississippi gaming establishments; and
3. Taxes collected by Mississippi gaming
				  establishments pursuant to Mississippi Ann. Code Sections
				  27-7-901
				  and
				  27-7-903.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 11 - Individual Non-Business Deductions › Section 35-3-02-11-101

Current through June 25, 2024
These items are not allowable deductions for state
					 purposes in any form. If these items are deducted on federal form Schedule A,
					 an adjustment must be made for state purposes. Local income taxes are to be
					 treated the same as state income taxes.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 11 - Individual Non-Business Deductions › Section 35-3-02-11-102

Current through June 25, 2024
A taxpayer must itemize deductions if the taxpayer's
					 filing status is married filing separately and the taxpayer's spouse itemized
					 deductions on their return.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 11 - Individual Non-Business Deductions › Section 35-3-02-11-103

Current through June 25, 2024
An individual may elect to take either the standard
					 deduction or itemize their deductions regardless of what the individual elected
					 on their federal income tax return. If a taxpayer's allowable federal itemized
					 deductions are limited due to the amount of the taxpayer's federal adjusted
					 gross income, then the allowable Mississippi itemized deductions will be
					 correspondingly limited.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 12 - Amounts Received Under Accident and Health Plans › Section 35-3-02-12-100

Current through June 25, 2024
The Commissioner will follow Federal Rules, Regulations
					 and Revenue Procedures to the extent that such procedures are not deemed
					 contrary to the context and intent of Mississippi Law.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 13 - Compensation for Injuries and Sicknesses › Section 35-3-02-13-100

Current through June 25, 2024
The Commissioner will follow Federal Rules, Regulations
					 and Revenue Procedures to the extent that such procedures are not deemed
					 contrary to the context and intent of Mississippi Law.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 14 - Strike Benefits › Section 35-3-02-14-100

Current through June 25, 2024
Amounts paid by an organized union as unemployment
					 benefits to its unemployed members are taxable if the benefits come out of
					 union dues. If union members make special payments to a fund, unemployment
					 benefits received from the fund are includible in gross income only to the
					 extent they exceed the recipient's contributions. The amounts paid into the
					 fund are not deductible.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 15 - Return of Life Insurance, Annuity or Endowment Policies › Section 35-3-02-15-100

Current through June 25, 2024
The Commissioner will follow Federal Rules, Regulations
					 and Revenue Procedures as are deemed not contrary to the context and intent of
					 Mississippi Law.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 16 - Unemployment Compensation Benefits › Section 35-3-02-16-100

Current through June 25, 2024
Unless otherwise instructed in writing, the Commissioner
					 will follow Federal Rules, Regulations and Revenue Procedures relating to the
					 taxability of unemployment benefits as are deemed not to be contrary to the
					 context and/or intent of Mississippi Law.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 17 - Rental Allowance and Fair Rental Value of a Parsonage › Section 35-3-02-17-100

Current through June 25, 2024
"Rental allowance" means an amount paid to a minister to
					 rent or otherwise provide a home if such amount is designated as rental
					 allowance pursuant to official action taken in advance of such payment by the
					 employing church or other qualified organization. The designation of an amount
					 as rental allowance should be evidenced in an employment contract, in minutes
					 of or in a resolution by a church or other qualified organization or in its
					 budget, or in any other official document of the church or organization. Rental
					 allowance may be referred to as housing allowance or parsonage allowance.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 17 - Rental Allowance and Fair Rental Value of a Parsonage › Section 35-3-02-17-101

Current through June 25, 2024
A rental allowance must be included in the minister's
					 gross income in the taxable year in which it is received, to the extent that
					 such allowance is not used by the minister during such taxable year for rent of
					 a home, for purchase of a home and for expenses directly related to providing a
					 home. Where the minister rents, purchases or owns a farm or other business
					 property in addition to a home, the portion of the rental allowance expended in
					 connection with the farm or business property shall not be excluded from the
					 minister's gross income.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 17 - Rental Allowance and Fair Rental Value of a Parsonage › Section 35-3-02-17-102

Current through June 25, 2024
Gross income does not include the rental value of a home,
					 including utilities, furnished to a minister as a part of the compensation, or
					 the rental allowance paid to the minister as part of the compensation to the
					 extent such allowance is used by the minister to rent or provide a home. In
					 order to qualify for the exclusion, the home or rental allowance must be
					 provided as compensation for services that are ordinarily the duties of a
					 minister of the gospel.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 18 - Recovery of Tax Benefit Items › Section 35-3-02-18-100

Current through June 25, 2024
The Commissioner will follow Federal Rules, Regulations
					 and Revenue Procedures relating to recovery of tax benefit items as are deemed
					 not contrary to the context and intent of Mississippi Law.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 02 - Gross Income › Chapter 19 - Gross Income of Farmers › Section 35-3-02-19-100

Current through June 25, 2024
The Commissioner will follow Federal Rules, Regulations
					 and Revenue Procedures to the extent that such procedures are not deemed
					 contrary to the context and intent of Mississippi Law.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 03 - Exclusions from Gross Income › Chapter 02 - Exclusion for Improvements Erected by Lessee › Section 35-3-03-02-100

Current through June 25, 2024
The value of improvements to real property, attributable
					 to buildings erected or other improvements made by the lessee upon the leased
					 property is excluded from gross income of the lessor. However, where the facts
					 disclose that such buildings or improvements represent, in whole or in part, a
					 substitution for rent payments for the lease period, the exclusion does not
					 apply.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 03 - Exclusions from Gross Income › Chapter 03 - Employee Benefits › Section 35-3-03-03-100

Current through June 25, 2024
A taxpayer may exclude from gross income compensation which
					 is received under a worker's compensation act, for personal injuries or
					 sickness incurred in the course of employment. The exclusion also applies to
					 compensation which is paid under a worker's compensation act to the survivor or
					 survivors of a deceased employee. The exclusion does not apply to a retirement
					 pension or annuity to the extent that it is determined by reference to the
					 employee's age or length of service, or the employee's prior contributions,
					 even though the employee's retirement occurs from an occupational injury or
					 sickness. Amounts received as compensation for a non-occupational injury or
					 sickness, and amounts received as compensation for an occupational injury or
					 sickness in excess of the amount provided in the applicable worker's
					 compensation act are also not subject to the exclusion.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 03 - Exclusions from Gross Income › Chapter 03 - Employee Benefits › Section 35-3-03-03-101

Current through June 25, 2024
A taxpayer may exclude from gross income the amount of any
					 damages received under a suit or settlement of a claim on account of personal
					 injuries or sickness. Damages in cases of nonphysical injury equal to the
					 amount of medical expenses for treatment of emotional distress may be excluded
					 from gross income.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 03 - Exclusions from Gross Income › Chapter 03 - Employee Benefits › Section 35-3-03-03-102

Current through June 25, 2024
A taxpayer may exclude from gross income the amounts
					 received through accident or health insurance for personal injuries or sickness
					 to the extent that such amounts are not attributable to contributions of the
					 employer which are not includible in the gross income of the employee or are
					 not paid by the employer. Therefore, if an employee received compensation for
					 personal injuries or sickness from an accident or health insurance policy which
					 the worker purchased or from a fund maintained exclusively by employee
					 contributions, the amounts received are excluded from gross
					 income.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 03 - Exclusions from Gross Income › Chapter 03 - Employee Benefits › Section 35-3-03-03-103

Current through June 25, 2024
Amounts received by employees under employer financed
					 accident and health plans may be excluded from gross income if such amounts are
					 paid to reimburse the taxpayer for expenses incurred for medical care of the
					 taxpayer, spouse or dependents or to reimburse the employee for medical care
					 and payments for permanent injury or loss of bodily function.