Title 27, Taxation and Finance

(1) Each resident individual taxpayer who files a Mississippi income tax return and who will receive a tax refund from the State Tax Commission may designate that a contribution be made to the “Mississippi Educational Trust Fund” authorized in House Concurrent Resolution No. 35, …

(a) Except as provided in Sections 27-7-95 through 27-7-103, determination of amount of gain or loss.(1) Computation of gain or loss. The gain from the sale or other disposition of property shall be the excess of the amount realized therefrom over the adjusted basis provided in s…

(1) Each resident individual taxpayer who files a Mississippi income tax return and who will receive a tax refund from the State Tax Commission may designate that a contribution be made to the “Mississippi Commission for Volunteer Service Fund” established in Section 43-55-29, by…

(1) Each resident individual taxpayer who files a Mississippi income tax return and who will receive a tax refund from the State Tax Commission may designate that a contribution be made to the “Wildlife Heritage Fund” by marking the appropriate box printed on the return pursuant …

(1) The Chairman of the State Tax Commission shall determine annually the total amount designated by individuals to be paid to the fund, along with all interest earned thereon, and shall report such amount to the State Treasurer who shall pay such amount into the “Wildlife Herita…

(1) Each resident individual taxpayer who files a Mississippi income tax return and who will receive a tax refund from the State Tax Commission may designate that a contribution be made to the “Mississippi Wildlife, Fisheries and Parks Foundation” by marking the appropriate box p…

(1) Each resident individual taxpayer who files a Mississippi income tax return and who will receive a tax refund from the State Tax Commission may designate that a contribution be made to the Mississippi Military Family Relief Fund created in Section 33-4-1, to authorize residen…

(1) In the case of a corporation, losses from sales or exchanges of capital assets shall be allowed only to the extent of gains from such sales or exchanges. (2) In the case of a taxpayer other than a corporation, losses from sales or exchanges of capital assets shall be allowed …

(1) If a corporation has a net capital loss for any taxable year (hereinafter referred to as the “loss year”), the amount shall be:(a) A capital loss carryback to each of the three (3) taxable years preceding the loss year;(b) A capital loss carryover to each of the five (5) taxa…

(a) For purposes of Sections 27-7-95 through 27-7-103, the term “capital asset” means property held by the taxpayer, whether or not connected with his trade or business, but does not include the following:(a) Stock in trade of the taxpayer or other property of a kind which would …

This article shall be known and may be cited as the “Endow Mississippi Program.”

The purpose of this article is to promote philanthropic investments in local community development programs and activities, and to enhance the quality of life for Mississippi’s children, families and communities, by providing a tax credit for charitable gifts made by taxpayers to…

(1) Subject to the limitations provided for in this section, through calendar year 2028, a taxpayer shall be allowed a credit against the tax imposed by Chapter 7, Title 27, in an amount equal to twenty-five percent (25%) of a qualified contribution to an endowed fund at a qualif…

For each calendar year, a total of ten percent (10%) of the authorized tax credits shall be reserved for qualified contributions to each of the qualified community foundations in Mississippi for a period of nine (9) months. Any credits that are not utilized within the nine-month …

(1) The Mississippi Association of Grantmakers, or its successor entity, in cooperation with qualified community foundations in Mississippi, shall develop application forms, procedures for the review and approval of applications for tax credits authorized under this article, for …

(1) No tax credits issued under this article to any qualified taxpayer shall be sold or otherwise transferable to any other taxpayer. (2) Should the total amount of tax credits available, whether reserved to qualified community foundations or otherwise, be less than the total amo…

This article may be cited as the “Mississippi Income Tax Withholding Law of 1968.”

(a) As used in this article:(a) “Commissioner” means the Commissioner of Revenue of the Department of Revenue.(b) “Commission,” “State Tax Commission,” “Tax Commission” or “department” means the Department of Revenue of the State of Mississippi.(c) “Employee” means any individual…

(1) Except as otherwise provided in this section, every employer making payments of wages to employees shall deduct and withhold from such wages an amount determined from withholding tables promulgated by the commissioner and furnished to the employer. The full amount deducted an…

(1) Every employer shall be liable for amounts required to be deducted and withheld by this article regardless of whether or not the amounts were in fact deducted and withheld, except that if the employer fails to deduct and withhold the required amounts and if the tax against wh…

(1) In a sale of real property and associated tangible personal property which is not considered an exchange or trade of such property, and the sale results in gross proceeds greater than One Hundred Thousand Dollars ($100,000.00) paid by the buyer to the seller or sellers, and t…

(1) (a) Except as otherwise provided in this subsection, every employer required to deduct and withhold from wages under this article shall, for each calendar quarter, on or before the fifteenth day of the month following the close of such calendar quarter, file a withholding ret…

(a) Every employer shall file an annual statement of withholding for each employee. The annual statement shall be in the form prescribed by the commissioner and shall be filed with the commissioner and two (2) copies thereof furnished the employee on or before the thirty-first da…

(1) Of the revenue collected under the provisions of this article from the new direct jobs of a qualified business or industry as defined in Section 57-62-5 of the Mississippi Advantage Jobs Act, an amount equal to the estimated amount of the quarterly incentive payment for which…

In the case of any overpayment of any tax, interest or penalty levied or provided for in Article 1 of this chapter, or in this article, whether by reason of excessive withholding, error on the part of the taxpayer, erroneous assessment of tax, or otherwise, the excess shall be re…

(1) If any overpayment of any tax, interest or penalty levied or provided for by Article 1 of this chapter, or in this article, is not refunded to the taxpayer as provided in Section 27-7-313 within six (6) months after the final date for filing returns as prescribed by law, the …

(1) Any employer who makes an overpayment of the tax required to be remitted to the commissioner by Section 27-7-309 may file application with the commissioner, on a form prescribed by the commissioner, to have the amount of the overpayment refunded to him or to have the amount c…

Every individual taxpayer subject to the tax levied by the provisions of Article 1 of this chapter shall make and file with the commissioner estimated tax returns and payments for the income year, if such taxpayer does not have at least eighty percent (80%) of his tax liability w…

A taxpayer may file amendments to a declaration at such time, under such rules and regulations and in such form as the commissioner shall prescribe.

A single declaration may be filed jointly by a husband and wife having the same income year. If a joint declaration is filed by a husband and wife and they do not file a joint return for the income year, the estimated tax paid under the joint declaration may be treated as the est…

(a) Taxpayers subject to the requirements of estimated tax payments for an income year ending after December 31, 1983, shall estimate an amount not less than eighty percent (80%) of the tax actually due in the case of an individual or, except as otherwise provided in Section 27-7…

(a) The estimated tax payment shall be made on such forms as the commissioner may prescribe and shall be paid as follows:(a) The total estimated tax may be paid on or before the fifteenth day of the fourth month of the income year of the taxpayer; provided, individuals whose gros…

The commissioner shall prepare and furnish to employers state income tax withholding tables based on the current income tax laws of the state, taking into consideration the various deductions and personal exemptions allowed therein. Such tables shall be designed to provide for a …

Except as otherwise provided in this section, every employer, as defined herein, shall, on or before January 1, 1969, make application to the commissioner for and be assigned an employer’s withholding account number. The account number assigned to an employee shall be used by suc…

Every employee whose wages are subject to the withholding provisions of this article shall, on or before January 1, 1969, furnish his or her employer with a certificate showing the exemption claimed by such employee for purposes of withholding. If any employee shall fail or refus…

All taxes due under the provisions of this article shall be paid, on or before the date fixed by law for filing returns. Any such taxes may be paid with uncertified check during such time and under such regulations the commissioner shall prescribe, but, if a check received in pay…

The commissioner is hereby authorized and directed to enter into an agreement with the secretary of the treasury of the United States, with respect to withholding of income tax as provided by this article, pursuant to an Act of Congress, 80 Stat. 478; Pub. Law 89-554; 5 U.S.C.S. …

(1) The commissioner shall have exclusive jurisdiction and be charged with the administration and enforcement of the provisions of this article, except as otherwise provided. (2) The commissioner, for the purpose of ascertaining the correctness of any return, or for the purpose o…

(1) The commissioner, with the approval of the governor, may, from time to time, make such rules and regulations, not inconsistent with this article, as he may deem necessary to enforce its provisions. (2) The commissioner is herewith authorized to promulgate such rules and regul…

(a) Any taxpayer who either fails to file a required return within the time prescribed, or who fails to remit the tax or remits less than the amount due under the return, shall be liable for the following penalties:(a) (i) If the failure to file a return within the time prescribe…

(1) Willful failure to withhold tax or to remit tax to commissioner. Any employer required by Section 27-7-305 to deduct and withhold from wages of employees for the payment of state income taxes who shall willfully fail to deduct and withhold the required amounts from the wages …

The provisions of this article are supplemental to the provisions of Article 1 of this chapter, and shall not be construed to repeal any part thereof not in direct conflict with this article.

(1) For the purposes of this section, the following terms shall have the meanings ascribed by this section unless another meaning is plainly indicated:(a) “Claimant agency” means the Mississippi Department of Human Services.(b) “Debtor” means any individual, corporation or partne…

The purpose of this article is to establish a policy and provide a system whereby claimant agencies of the State of Mississippi in conjunction with the State Tax Commission shall cooperate in identifying certain debtors who qualify for refunds from the State Tax Commission. It is…

(a) As used in this article, unless the context requires otherwise:(a) “Claimant agency” means the State Department of Public Welfare with respect to the collection of debts due and owing for the care, support or maintenance of a child.(b) “Commission,” “State Tax Commission,” “T…

The collection remedy authorized by this article is in addition to and not in substitution for any other remedy available by law.