Title 27, Taxation and Finance

(1) A local government may not submit a debt for collection under this article until it has given the notice required by this section and the claim has been finally determined as provided in this section. (2) A local government, or its member organization on its behalf, shall sen…

(1) A claimant local government, or its member organization on its behalf, seeking to collect a debt through setoff shall notify the department in writing and supply information necessary to identify the debtor whose refund is sought to be setoff. The local government, or its mem…

When there are multiple claims by two (2) or more member organizations submitting debts on behalf of local governments, the claims have priority based on the date each member organization filed the claim with the department. When there are multiple claims among local governments …

To recover the costs incurred by the department and the member organization in collecting debts under this article, a total collection assistance fee of twenty-five percent (25%) shall be imposed on each debt collected through setoff. The department shall collect this fee as part…

(1) Along with the transmittal of the net proceeds collected on behalf of the claimant local government, the department shall provide the local government with an accounting of the setoffs for which payment is being made. The accounting shall, whenever possible, include the full …

(1) The department, the local government or its member organization on its behalf may exchange information necessary to accomplish and effectuate the intent of this article. (2) The information obtained by a local government or its member organization in accordance with the provi…

The department shall promulgate rules and regulations pursuant to the Mississippi Administrative Procedures Act which are necessary to implement and carry out its duties and functions under this article. Local governments may also promulgate rules and regulations necessary for th…

(1) There is hereby levied, assessed and shall be collected a tax of three percent (3%) upon amounts that are paid or credited by gaming establishments licensed under the provisions of the Mississippi Gaming Control Act to their patrons. The tax shall be collected by licensed gam…

(1) There is hereby levied and assessed upon patrons of gaming establishments located in this state that are not licensed under the provisions of the Mississippi Gaming Control Act, a tax of three percent (3%) of the amounts that are paid or credited to such patrons by the gaming…

(a) As used in this article, the following terms shall have the meanings as defined in this section:(a) “Catastrophe savings account” means a regular savings account or money market account established by an insurance policyholder who is a state income taxpayer (i) to pay an insu…

(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 b…

(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 o…

The Commissioner of Revenue may promulgate rules and regulations necessary to implement and administer this article.

(a) 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…

(1) (a) An account holder shall be responsible for the use or application of monies or funds in an account for which the account holder claims first-time home buyer savings account status.(b) An account holder shall:(i) Not use monies or funds held in an account to pay expenses o…

The title of this chapter shall be the “Mississippi S Corporation Income Tax Act.”

(1) The initial basis in the hands of a resident shareholder of an S corporation in the stock of the S corporation and any indebtedness of the S corporation to the shareholder shall be determined in the manner provided under the Code and shall be determined as of the date that is…

(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 corporatio…

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…

(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 o…

(1) An S corporation which engages in activities in this state that would subject a C corporation to the requirement to file a return under Section 27-7-37 shall file with the State Tax Commission an annual return, in the form prescribed by the commission, on or before the due da…

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 shar…

(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 sec…

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.

(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 …

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.

This chapter may be cited as the estate tax law.

(1) In the case of a resident, the value of qualified terminable interest property shall be deducted from the value of the gross estate in determining the net estate.(a) For purposes of this subsection (1):(i) The term “qualified terminable interest property” means property: 1. w…

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 Hun…

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…

[For decedents dying before October 1, 1988, this section shall read as follows:] (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…

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 deduct…

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.

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 not…

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…

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…

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 ext…

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…

(a) 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 C…

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 …

Unless the tax is sooner paid in full, it shall be a lien for four (4) years from the date of filing the return upon the gross estate of the decedent when an estate tax return has been filed with the commissioner, but in cases where no estate tax return is filed the lien shall re…

Every executor, administrator, or assignee, or other person, who pays any debts, except as hereinbefore provided for, due by the person or estate from whom or for which he acts, before he satisfies and pays the tax due the State of Mississippi under this law, from such person or …

Action may be brought at any time by the commissioner or the Attorney General of the state in the name of the commissioner to recover the amount of any tax, penalties and interest due under this chapter. Such action shall be brought in the county and district where the taxpayer r…

(1) No final account of an executor shall be allowed by any court unless such account shows, and the judge of said court finds, that all taxes imposed by the provisions of this chapter upon said executor which have become payable, have been paid. The certificate of the commission…

(1) As soon as practicable after the return is filed, the commissioner shall examine it, if it then appears that the correct amount of tax is greater or less than that shown in the return, the tax shall be recomputed. If the amount already paid exceeds that which should have been…

If no return is made by an executor required to make returns, as provided herein, the commissioner shall give written notice by mail to such executor to make such returns within thirty (30) days from the date of such notice and if such executor shall fail or refuse to make such r…