Title 27, Taxation and Finance

(1) Integrated suppliers are allowed a job tax credit for taxes imposed by Section 27-7-5 equal to One Thousand Dollars ($1,000.00) annually for each net new full-time employee for five (5) years from the date the credit commences; however, if the integrated supplier is located i…

(1) An enterprise owning or operating a project as defined in Section 57-75-5(f)(xviii) is allowed an annual investment tax credit for taxes imposed by Section 27-7-5 equal to seven and one-half percent (7-½%) of the eligible investments made by the enterprise. The credit shall c…

(1) As used in this section, the following words and phrases shall have the following meanings, unless the context clearly indicates otherwise:(a) “Eligible land” means nonindustrial private lands in the state that are adjacent to and along a stream which is fully nominated to th…

(1) A credit is allowed against the taxes imposed by this chapter to a taxpayer for allowing land owned by the taxpayer to be used as a natural area preserve, a wildlife refuge or habitat area, a wildlife management area, or for the purpose of providing public outdoor recreationa…

(1) As used in this section, the term “port” means a state, county or municipal port or harbor established pursuant to Sections 59-5-1 through 59-5-69, Sections 59-7-1 through 59-7-519, Sections 59-9-1 through 59-9-85 or Sections 59-11-1 through 59-11-7. (2) Subject to the provis…

The Mississippi Development Authority shall report annually to the Legislature regarding the impact of the credit granted in Section 27-7-22.23 on shipping and economic growth. Each report shall show the overall annual increase in shipping at each port for the most recent year fo…

(1) As used in this section, the term “airport” means an airport established pursuant to Chapters 3 and 5, Title 61, Mississippi Code of 1972. (2) Subject to the provisions of this section, for any income taxpayer utilizing the facilities at any airport for the export or import o…

The Mississippi Development Authority shall report annually to the Legislature regarding the impact of the credit granted in Section 27-7-22.25 on shipping and economic growth. Each report shall show the overall annual increase in shipping at each airport for the most recent year…

(1) As used in this section:(a) “Business enterprises” means entities primarily engaged in:(i) Manufacturing, processing, warehousing, distribution, wholesaling and research and development, or(ii) Permanent business enterprises designated by rule and regulation of the Mississipp…

(a) As used in Sections 27-7-22.28 and 27-7-22.29, the following terms and phrases shall have the meanings ascribed in this section unless the context clearly indicates otherwise:(a) “Alternative energy project” means a business enterprise engaged in manufacturing or producing al…

(1) Producers are allowed a job tax credit for taxes imposed by Section 27-7-5 equal to One Thousand Dollars ($1,000.00) annually for each net new full-time employee job for a period of twenty (20) years from the date the credit begins; however, if the producer is located in an a…

[In cases involving an economic development project for which the Mississippi Business Finance Corporation has issued bonds for the purpose of financing the approved costs of such project prior to July 1, 1994, this section shall read as follows:] (1) For taxpayers who are requir…

(1) As used in this section:(a) “Manufacturing enterprise” means an enterprise that:(i) Falls within the definition of the term “manufacturer” in Section 27-65-11; and(ii) Has operated in this state for not less than two (2) years prior to application for the credit authorized by…

(1) As used in this section:(a) “Certified historic structure” means a property located in Mississippi that has been:(i) Listed individually on the National Register of Historic Places; or(ii) Determined eligible for the National Register of Historic Places by the Secretary of th…

(1) (a) There shall be allowed as a credit against the tax imposed by this chapter the amount of the qualified adoption expenses paid or incurred, not to exceed Five Thousand Dollars ($5,000.00), for each dependent child residing outside Mississippi but legally adopted by a taxpa…

(1) A taxpayer shall be allowed a credit against the income taxes imposed under this chapter in an amount equal to twenty-five percent (25%) of the premium costs paid during the taxable year for a qualified long-term care insurance policy as defined in Section 7702B of the Intern…

(1) As used in this section, “qualified business or industry” means any company that has been certified by the Mississippi Major Economic Impact Authority as a project as defined in Section 57-75-5(f)(xxii). (2) A qualified business or industry shall be allowed a job tax credit f…

(1) As used in this section:(a) “Eligible facility” means and includes a new facility that creates at least twenty (20) full-time jobs with a minimum capital investment from private sources of Fifty Million Dollars ($50,000,000.00), that:(i) Consists of all components necessary f…

(1) There shall be allowed as a credit against the tax imposed by Section 27-7-5 the amount of the qualified prekindergarten program support contributions paid to approved providers, lead partners or collaboratives, not to exceed One Million Dollars ($1,000,000.00), by any indivi…

(1) As used in this section:(a) “Low-income residents” means persons whose household income is less than one hundred fifty percent (150%) of the federal poverty level.(b) “Qualifying charitable organization” means a charitable organization that is exempt from federal income taxat…

(1) The following words and phrases have the meanings ascribed in this section unless the context clearly indicates otherwise:(a) “Water transportation enterprise” means an enterprise or establishment primarily engaged in providing inland water transportation of cargo on lakes, r…

(1) For the purposes of this section, the following words and phrases shall have the meanings ascribed in this section unless the context clearly indicates otherwise:(a) “Department” means the Department of Revenue.(b) “Eligible charitable organization” means an organization that…

(1) The following words and phrases shall have the meanings as defined in this section unless the context clearly indicates otherwise:(a) “Eligible taxpayer” means any railroad that is classified by the United States Surface Transportation Board as a Class II or Class III railroa…

(1) This section shall be known and may be cited as the “Pregnancy Resource Act.” (2) For the purposes of this section, the following words and phrases shall have the meanings ascribed in this section unless the context clearly indicates otherwise:(a) “Department” means the Depar…

(1) As used in this section, the following words shall have the meanings ascribed herein unless the context clearly requires otherwise:(a) “Blood donation” means the voluntary and uncompensated donation of whole blood, or specific components of blood, by an employee, drawn for us…

(1) As used in this section,(a) “Affiliated enterprise” or an “affiliate” shall have the meaning ascribed to such term in Section 57-75-5(k)(ii);(b) “Authority” shall have the meaning ascribed to such term in Section 57-75-5(b);(c) “Project” shall have the meaning ascribed to suc…

(1) For the purposes of this section, the following words and phrases shall have the meanings ascribed in this section unless the context clearly indicates otherwise:(a) “Department” means the Department of Revenue.(b) “Eligible charitable organization” means an organization that…

(1) For the purposes of this section, the following words and phrases shall have the meanings ascribed in this section unless the context clearly indicates otherwise:(a) “Department” means the Department of Revenue.(b) “Eligible transitional home organization” means an organizati…

(1) (a) For the purposes of this section, the following words and phrases shall have the meanings ascribed in this section unless the context clearly indicates otherwise:(i) “Department” means the Department of Revenue.(ii) “Eligible charitable organization” means an organization…

(1) As used in this section, the following words and phrases shall have the meanings ascribed in this section unless the context clearly indicates otherwise:(a) “Employment-related expenses” means and has the same definition as such term has in 26 USCS Section 21.(b) “Qualifying …

(1) (a) For any manufacturer, distributor, wholesale or retail merchant who pays to a county, municipality, school district, levee district or any other taxing authority of the state or a political subdivision thereof, ad valorem taxes imposed on commodities, raw materials, works…

(1) As used in this section, the following words and phrases shall have the meanings ascribed herein unless the context clearly requires otherwise:(a) “Skills training” means any employer-sponsored training by an appropriate community/junior college or training approved by such c…

(1) As used in this section, the following words and phrases have the meanings ascribed in this subsection unless the context clearly requires otherwise:(a) “Blighted” means a property located in Mississippi that is declared by the governing authorities of the municipality or cou…

(1) For purposes of this section, the following words and phrases shall have the meanings as provided in this subsection unless the context clearly indicates otherwise:(a) “Covered employee” means an employee for whom the qualified employer provides a contribution to an ICHRA.(b)…

(1) For the purposes of this section, “eligible hospital” means general acute-care hospitals or rural emergency hospitals that have forty-nine (49) or fewer licensed inpatient beds and have an Emergency Department that provides emergency services twenty-four (24) hours a day for …

(1) As used in this section, the term “port” means a state, county or municipal port or harbor established pursuant to Sections 59-5-1 through 59-5-69, Sections 59-7-1 through 59-7-519, Sections 59-9-1 through 59-9-85 or Sections 59-11-1 through 59-11-7. (2) For any income taxpay…

The Mississippi Development Authority shall report annually to the Legislature regarding the impact of the credit granted in Section 27-7-22.7 on shipping and economic growth. Each report shall show the overall annual increase on shipping at each port for the most recent year for…

(a) Definitions. (1) “Doing business” means the operation of any business enterprise or activity in Mississippi for financial profit or economic gain, including, but not limited to, the following:(A) The regular maintenance of an office or other place of business in Mississippi; …

(1) Except as otherwise specifically provided, a financial institution whose business activity is taxable both within and without this state shall allocate and apportion its net income as provided in Sections 27-7-24, 27-7-24.1, 27-7-24.3, 27-7-24.5 and 27-7-24.7, Mississippi Cod…

(a) As used in Sections 27-7-24, 27-7-24.1, 27-7-24.3, 27-7-24.5 and 27-7-24.7, unless the context otherwise requires:(a) “Billing address” means the location indicated in the books and records of the taxpayer on the first day of the taxable year (or on such later date in the tax…

(1) The receipts factor is a fraction, the numerator of which is the receipts of the taxpayer in this state during the taxable year and the denominator of which is the receipts of the taxpayer within and without this state during the taxable year. The method of calculating receip…

(1) The property factor is a fraction, the numerator of which is the average value of real property and tangible personal property rented to the taxpayer that is located or used within this state during the taxable year, the average value of the taxpayer’s real and tangible perso…

(1) The payroll factor is a fraction, the numerator of which is the total amount paid in this state during the taxable year by the taxpayer for compensation and the denominator of which is the total compensation paid both within and without this state during the taxable year. The…

(1) For purposes of the income tax imposed by this chapter, a major medical or pharmaceutical supplier of a Mississippi distribution facility whose business activity is taxable both within and without this state shall apportion its business income (income which is includable in t…

(1) For purposes of the income tax imposed by this chapter, a major medical laboratory service business whose business activity is taxable both within and without this state shall apportion its business income (income which is includable in the apportionable tax base) to this sta…

(1) Individuals carrying on businesses in partnerships shall be liable for income tax only in their individual capacity, unless for federal purposes the partnership is taxable as a corporation. If so, then the partnership is also taxable as a corporation for state purposes and is…