Please review the Mississippi Code and Mississippi Administrative Code when analyzing your tax responsibilities and requirements.
Administrative
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HB 686 corrects a problem created by legislation in 2013 that inadvertently deleted language that provided authority for the taxpayer to amend his tax returns within the 3-year statute of limitations. Effective January 1, 2017. SB 2275 requires state agencies to file annual reports to be published on the Transparency Mississippi website. SB 2437 requires that all taxing entities within Mississippi to file their annual report of revenues for publication on the DOR website. Effective July 1, 2017 SB 2445 provides authority for the DOR to develop a data matching system with the state’s financial institutions for the purpose of automating many of the manual processes required when DOR issues a bank levy. Effective July 1, 2017 |
Income Tax |
HB 1601 allows first-time homebuyers to establish a savings account and, for Tax Year 2018 and thereafter, exclude a certain amount of income deposited into such account for the purpose of paying eligible costs in the purchase of a single-family residence. Effective January 1, 2017. SB 2311 is the Mississippi Achieving a Better Life Experience (ABLE) Act for the purpose of encouraging saving private funds to pay for expenses of eligible individuals with disabilities. The Act create a new income tax deduction for contributions made to ABLE program accounts. Effective March 20, 2017. |
Economic Incentives |
SB 2829 authorizes Tishomingo County to impose a tax on restaurants to fund tourism and parks and recreation. A local referendum is required to enact the tax. Effective April 5, 2017 SB 2941 re-enacts the Town of Byhalia hotel and motel tax which previously repealed July 1, 2016; and provides a new repeal date of July 1, 2021. Effective March 22, 2017 SB 2948 authorizes Booneville to impose a tax on restaurants, hotels and motels to promote tourism, parks and recreation. A local referendum is required to enact the tax. Effective April 5, 2017 SB 3065 re-enacts the City of Louisville hotel and motel tax which previously repealed July 1, 2016; and provides a new repeal date of July 1, 2021. Effective April 5, 2017. |
Gaming |
HB 967 creates a tax on fantasy sports of 8% on the operator’s net Mississippi revenue. Effective July 1, 2017 |
Alcohol and Beer |
HB 1321 authorizes communities located in a dry county, with a population of at least 1500, and within 3 miles of a city or county that is wet for beer to have a beer referendum. Effective March 13, 2017 HB 1322 authorizes a small craft brewery to sell a limited amount of product produced on its premises directly to its customers. Effective July 1, 2017 SB 2345 removes the prohibition on any advertising of alcoholic beverages from originating in a dry county. Effective July 1, 2017 SB 2612 authorizes the creation of new Leisure and Recreation Districts (go-cup areas.) Effective July 1, 2017. |
Sales
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HB 1226 creates the Capitol Complex Improvement District. Beginning in Fiscal Year 2019, it provides a new sales tax diversion for the District for infrastructure improvements within the District. Effective July 1, 2017 SB 3021 provides certain sales tax exemptions for a frac sand producer when building a new facility and then an ongoing exemption for utilities used in operations. Effective July 1, 2017 |
Ad Valorem
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HB 1125 exempts certain leases or contractual arrangements to which the MS Department of Finance and Administration and a nonprofit corporation are a party to from property tax. Effective March 20, 2017 HB 1340 revises the provisions for determining the valuation of agricultural land and for land leased by the Port Of Gulfport. Effective July 1, 2017 HB 1594 provides an ad valorem exemption for buildings or improvements on land belonging to MS State University and which buildings are leased to private entities for the purpose of providing affordable housing for students. Effective March 22, 2017 SB 3021 provides an ad valorem exemption for certain vessels used in oil or gas exploration or production while the vessel is still in possession of the builder. Effective July 1, 2017 |
Insurance Premium
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HB 710 extends the time MS Development Authority has to allocate Qualified Equity Investment tax Credits from July 1, 2018 to July 1, 2020. Effective July 1, 2017. |
Motor Vehicles and Titles |
HB 694 authorizes additional distinctive license plates. Effective July 1, 2017 |
Local Governments |
HB 762 City of Ripley HB 1464 City of McComb HB 1473 City of Senatobia HB 1717 Town of Sardis HB 1718 Town of Como HB 1755 Washington County (Convention and Visitors Committee) HB 1764 City of Hattiesburg SB 2919 Lauderdale County SB 3016 City of Greenwood SB 3018 Washington County (Sports Complex) SB 3027 City of Pascagoula (Parks and Recreation) SB 3041 City of Brookhaven SB 3059 Hancock County SB 3063 City of Indianola |