MCA Chapter 7
MCA Chapter 7
in effectContents
section27-7-1. Citation of article.section27-7-3. Definitions.section27-7-5. Imposition of the tax.section27-7-7. Tax a debt.section27-7-9. Gain or loss on disposition of property.section27-7-11. Inventories.section27-7-13. Net income defined.section27-7-15. Gross income defined.section27-7-16. Gross income; treatment of employees’ pension trusts, tax-sheltered annuities, deferred compensation plans, self-employed retirement plans, and individual retirement accounts or retirement bonds.section27-7-17. Deductions allowed.section27-7-18. Adjustments to gross income; alimony payments; unreimbursed moving expenses; payments for medical insurance by self-employed individuals; contributions to MACS program account; unreimbursed expenses related to donation of organ by living donor.section27-7-19. Items not deductible.section27-7-20. Casualty losses of individuals.section27-7-21. Exemptions allowed.section27-7-22. Tax credits for qualified businesses.section27-7-22.1. 1.
Repealed.section27-7-22.3. 3.
Credit for employees who pay job assessment fee; credit against state income taxes for authorized companies [Repealed effective October 1, 2022].section27-7-22.5. 5.
Income tax credit for manufacturers, distributors and wholesale or retail merchants for ad valorem taxes paid on commodities, raw materials, works-in-process, goods, wares and merchandise held for resale; income tax credit for individual, firm or corporation for ad valorem taxes on rental equipment.section27-7-22.7. 7.
Income tax credit for charges for using certain public port facilities [Repealed effective December 31, 2022].section27-7-22.9. 9.
Income tax credit for charges for using certain public port facilities; annual report regarding impact of § 27-7-22.7 [Repealed effective December 31, 2022].section27-7-22.11. 11.
Tax credit under Venture Capital Act of 1994.section27-7-22.13. 13.
Financial institution; credit; net gain.section27-7-22.15. 15.
Income tax credit for approved reforestation practices.section27-7-22.16. 16.
Income tax credit for remediation costs incurred at brownfield agreement site.section27-7-22.17. 17.
Job tax credit for permanent business enterprises operating certain projects that create at least 3,000 new full-time jobs.section27-7-22.18. 18.
Job tax credit for business enterprises owning or operating certain projects that create at least 450 new full-time jobs.section27-7-22.19. 19.
Job tax credit for integrated suppliers located on the site of certain projects.section27-7-22.20. 20.
Investment tax credit for business enterprises owning or operating certain projects with an initial capital investment of at least $600,000,000.section27-7-22.21. 21.
Income tax credit for donations of land or interest in land considered priority site for conservation under Mississippi Natural Heritage Program or adjacent to and along a stream fully nominated to Mississippi Scenic Streams Stewardship Program.section27-7-22.22. 22.
Income tax credit for use of taxpayer’s land as natural area preserve, wildlife refuge, etc. or for public outdoor recreational opportunities.section27-7-22.23. 23.
Income tax credit for utilization of port facilities at state, county and municipal ports for import of cargo.section27-7-22.24. 24.
Mississippi Development Authority to report annually on the impact of the income tax credit granted in § 27-7-22.23.section27-7-22.25. 25.
Income tax credit for utilization of airport facilities at public airports for export or import of cargo [Repealed effective July 1, 2022].section27-7-22.26. 26. Mississippi Development Authority to report annually on the impact of the income tax credit granted in § 27-7-22.25 [Repealed effective July 1, 2022]section27-7-22.27. 27.
Income tax job credit for certain business enterprises in areas within municipalities certified as economically distressed communities; definitions; designation as economically distressed community; certification of status; amount of tax credit; eligibility.section27-7-22.28. 28.
Job tax credit for certain producers of alternative energy definitions.section27-7-22.29. 29.
Job tax credit for certain producers of alternative energy — general provisions.section27-7-22.30. 30.
Manufacturing investment tax credit for manufacturing enterprises that have operated in Mississippi for not less than two years.section27-7-22.31. 31.
Income tax credit for certain costs and expenses in rehabilitating eligible property certified as a historic structure or structure in a certified historic district; recapture of credit; applicability of section.section27-7-22.32. 32.
Income tax credit for certain qualified adoption expenses.section27-7-22.33. 33.
Income tax credit for certain long-term care insurance policy premiums; limitations.section27-7-22.34. 34.
Qualified business or industry allowed job tax credit for certain new full-time employee jobs; duration of credits; requirements; carrying forward credit.section27-7-22.35. 35.
Investment tax credit for enterprises owning or operating certain electric and thermal energy producing facilities.section27-7-22.36. 36.
Job tax credit for enterprises owning or operating an upholstered household furniture manufacturing facility for each full-time employee employed in new cut and sew job [Repealed effective January 1, 2022].section27-7-22.37. 37.
Income tax credit for qualified prekindergarten program support contributions.section27-7-22.38. 38.
Repealed.section27-7-22.39. 39.
Income tax credit for voluntary cash contributions to qualifying charitable organizations; separate income tax credit for voluntary cash contributions to qualifying foster care charitable organizations
[Repealed effective January 1, 2021].section27-7-22.40. 40.
Job tax credit for certain full-time jobs created in Mississippi by water transportation enterprises [Repealed effective January 1, 2023].section27-7-22.41. 41.
Tax credit for certain business enterprises making voluntary cash contributions to eligible charitable organizations.section27-7-23. Net income of nonresident and foreign taxpayers.section27-7-24. Allocation and apportionment of income of financial institution with taxable activities within and without state.section27-7-24.1. 1.
Allocation and apportionment of income of financial institution with taxable activities within and without state; definitions.section27-7-24.3. 3.
Allocation and apportionment of income of financial institution with taxable activities within and without state; receipts factor.section27-7-24.5. 5.
Allocation and apportionment of income of financial institution with taxable activities within and without state; property factor.section27-7-24.7. 7.
Allocation and apportionment of income of financial institution with taxable activities within and without state; payroll factor; compensation; employee services.section27-7-24.8. 8.
Allocation and apportionment of income of major medical or pharmaceutical supplier of Mississippi distribution facility with taxable activities within and without state.section27-7-24.9. 9.
Allocation and apportionment of income of major medical laboratory service business with taxable activities within and without state.section27-7-25. Partnerships.section27-7-27. Estates and trusts.section27-7-29. Organizations exempt from taxation; taxation of business income unrelated to tax exempt purposes of certain organizations.section27-7-30. Qualified business or industry exempt from taxation on income arising from certain projects developed under Mississippi Major Impact Act; requirements; reduction of amount of exemption.section27-7-31. Returns of income tax; individual returns.section27-7-33. Partnership returns; taxable year.section27-7-35. Fiduciary returns; taxable year; excess income carryover.section27-7-37. Corporate returns.section27-7-39. Information at source.section27-7-41. Time and place for filing returns.section27-7-43. Returns for period less than twelve months.section27-7-45. Time for payment of tax or child support; effect of state officer’s or employee’s failure to pay; payment by check; manner of payment by corporation subject to LIFO recapture.section27-7-47. Free online income tax preparation and filing services for certain taxpayers.section27-7-49. Examination of returns.section27-7-50. Extension of time to file return.section27-7-51. Additional taxes or refunds.section27-7-53. Delinquent taxes; failure to file return.section27-7-55. Collection of tax; enrolling judgment.section27-7-57. Warrant for collection of tax.section27-7-59. Jeopardy assessment and warrant.section27-7-61. Execution by sheriff or special agent; fees; disposition of property.section27-7-63. Commissioner may bid at sales.section27-7-65. Alias executions.section27-7-67. Sheriff and special agent not personally liable.section27-7-69. Tax upon settlement of fiduciary’s account.section27-7-71. and 27-7-73.
Repealed.section27-7-75. Receipts for taxes.section27-7-77. Credit for income taxes paid.section27-7-79. Administration of article.section27-7-81. Regulatory authority.section27-7-83. Confidentiality of reports and returns; release of certain information under certain circumstances.section27-7-85. Community property not recognized.section27-7-87. Penalties.section27-7-88. Contribution to Mississippi Burn Care Fund from state income tax refund; additional contribution at time of filing tax return authorized.section27-7-89. Contribution to Mississippi Educational Trust Fund from state income tax refund.section27-7-90. Contribution to Mississippi Commission for Volunteer Service Fund from state income tax refund.section27-7-91. Designation of contributions to Mississippi Wildlife Heritage Fund on income tax returns.section27-7-93. Transfer to Wildlife Heritage Fund of contributions designated on tax returns; expenditures.section27-7-93.1. 1.
Contribution to Mississippi Wildlife, Fisheries and Parks Foundation from state income tax refund.section27-7-94. Contribution to Mississippi Military Family Relief Fund from state income tax refund.section27-7-95. Limitations on allowances of losses from sales or exchanges of capital assets.section27-7-97. Capital loss carrybacks and carryovers.section27-7-99. “Capital asset” defined.section27-7-101. Other definitions relating to capital gains and losses.section27-7-103. Applicability of provisions of Internal Revenue Code relating to capital losses.section27-7-105. Penalty on underpayment of taxes attributable to fraud.section27-7-107. Repealed.section27-7-201. Short title.section27-7-203. Legislative purpose.section27-7-205. Definitions.section27-7-207. Credit against tax imposed by this chapter equal to 25% of qualified contribution to endowed fund at qualified community foundation subject to certain requirements.section27-7-209. Allocation of authorized tax credits; maintenance of records that determine priority for awarding tax credits.section27-7-211. Development of forms, procedures for review and approval of applications for tax credits, and issuance of tax credits; establishment of reporting and monitoring requirements; monitoring and annual certification of approved tax credits.section27-7-213. Tax credits are non-transferable; process for allocation of available tax credits if less than requested; periodic reporting of impact of tax credits.section27-7-301. Citation of article.section27-7-303. Definitions.section27-7-305. Withholding of tax; leased employees.section27-7-307. Employer and certain persons owning stock of corporations or interest in limited liability companies with thirty-five or less owners liable for amounts required to be withheld; liability is derivative of the corporation or limited liability company.section27-7-308. Withholding by seller on gross proceeds realized by nonresident seller of real property; refund of excess withholding; filing of federal information returns with Department of Revenue.section27-7-309. Employer’s return and payment of taxes withheld.section27-7-311. Annual withholding statement.section27-7-312. Certain withholding tax revenue to be deposited in Mississippi Advantage Jobs Incentive Payment Fund.section27-7-313. Refund to taxpayer.section27-7-315. Procedure where refund not made within six months; interest.section27-7-317. Refunds to employer for overpayment.section27-7-319. Declaration of estimated tax.section27-7-321. Repealed.section27-7-323. Amendment of declaration.section27-7-325. Joint declaration; husband and wife.section27-7-327. Underestimate of tax.section27-7-329. Payment of estimated tax.section27-7-331. Withholding tables; rules, regulations and forms.section27-7-333. Employer’s withholding account number.section27-7-335. Employee required to furnish exemption certificate to employer.section27-7-337. Method of payment.section27-7-339. Withholding state income taxes of federal employees by federal agencies.section27-7-341. Administration.section27-7-343. Regulatory authority.section27-7-345. Civil penalties for failure to file return or deficiency in payment of tax.section27-7-347. Criminal penalties.section27-7-349. Article 3 supplemental to Article 1.section27-7-501. Declaration of purpose.section27-7-503. Definitions.section27-7-505. Remedy to be in addition to others available.section27-7-507. Submission of debts by claimant agencies.section27-7-509. Procedural requirements; fee.section27-7-511. Hearing upon written application.section27-7-513. Finalization of setoff; notice; refund.section27-7-515. Forms; rules and regulations; agreements with other states.section27-7-517. Furnishing information to claimant agency; confidentiality.section27-7-519. Refund deemed granted upon exercise of setoff; return of monies improperly received by claimant agency.section27-7-601. Definitions.section27-7-603. Taxpayers past due taxes; State income tax refunds to be offset to federal government; Federal income tax refunds to be offset to Mississippi State Tax Commission; procedure.section27-7-701. Definitions.section27-7-703. Provision of additional remedy.section27-7-705. Submission by claimant agency.section27-7-707. Transfer of funds to claimant agency; notice to debtor.section27-7-709. Hearings and appeals.section27-7-711. Finalization of setoff; notice.section27-7-713. Disclosure of information; confidentiality.section27-7-801. Short title.section27-7-803. Legislative purpose.section27-7-805. Definitions.section27-7-807. Remedy to be in addition to others available.section27-7-809. Applicability of article.section27-7-811. Notice to debtor; hearing upon written request; appeals.section27-7-813. Notice to department by claimant government; identification of debtor; determination of debtor's qualification for refund; notice to debtor of setoff.section27-7-815. Priority of multiple claims.section27-7-817. Collection assistance fee.section27-7-821. Exchange of information necessary to effectuate article; confidentiality of information.section27-7-823. Promulgation of rules and regulations by department and local governments to implement and administer article.section27-7-901. Tax levied.section27-7-903. Tax levied on certain amounts paid to patrons by gaming establishments not licensed under Mississippi Gaming Control Act.section27-7-1001. Definitions.section27-7-1003. Catastrophe savings accounts excluded from taxable gross income; limitations on total amount of contributions to catastrophe savings accounts.section27-7-1005. Distributions from catastrophe savings accounts.section27-7-1007. Commissioner of Revenue to promulgate rules and regulations to implement and administer this article.section27-7-1101. Definitions.section27-7-1103. Duties of account holders; contribution to first-time home buyer savings accounts excluded from gross income; limitations on amount of contributions; penalty for withdrawal of monies for purpose other than payment of eligible costs; financial institution obligations regarding accounts.