MCA Chapter 21

in effect

Miss. Code Ann. § 27-21-1 Administration.

The administration of this chapter is vested in and shall be exercised by the Commissioner of Revenue of the Department of Revenue, hereinafter referred to as commissioner, and who may do any act required in the administration of the law by and through his duly appointed and constituted deputies or agents, who shall serve under him, and shall perform such duties as may be required by the commissioner, including the signing of notices, warrants and such other documents as may be specifically designated by the commissioner, not inconsistent with this chapter. The Commissioner of Revenue of the Department of Revenue, as commissioner, may require the assistance of and act through the Attorney General, prosecuting attorney of any county, or any district attorney, or any attorney for the department. The commissioner may, with the assent of the Governor, employ special counsel in any county to aid the prosecuting attorney of such county or the Attorney General or district attorney, and the compensation of such special counsel shall be fixed by and paid only upon the approval of the Governor; but the Attorney General, district attorney or prosecuting attorney of any county shall receive no fees or compensation for services rendered in enforcing this chapter in addition to the salary paid such officer.

Miss. Code Ann. § 27-21-3 Privilege tax levied.

There is hereby levied a statewide privilege tax upon every person, firm, corporation, or association, other than banks, state or national, doing business of lending money secured by mortgages, trust receipts, retained-title or purchase contracts, on motor vehicles, furniture, refrigerators containing mechanical freezing units operated by gas or electricity, or radios or any other tangible personal property, located in the State of Mississippi, or doing a business of purchasing, discounting, or otherwise acquiring notes, trust receipts, or other forms of indebtedness secured by liens, in the form of mortgages, retained-title or purchase contracts, or other liens, upon motor vehicles, furniture, refrigerators containing mechanical units operated by gas or electricity or other fuels, or radios or any other tangible personal property, located in this state (not including, however, cotton, cotton seed or agricultural products); the amount of said tax to bear a direct relationship to the value of the securities held, owned, or acquired by such person, firm, corporation or association, and exacted in return for the protection afforded by the government and laws of this state in the enjoyment of such ownership and rights acquired thereby; the tax to be computed by application of the rate hereinafter set out to the total value of such securities, other than those securities representing loans for the payment of the wholesale sales price and those securities representing transactions known as “floor plan,” upon which no tax is to be imposed. Provided, however, that the tax imposed in this chapter shall not apply to (a) persons, firms or corporations engaged in the general mercantile business, who make advancements of money, merchandise and supplies to their customers and who take mortgages, deeds of trust or other liens upon personal property to secure the payment of the indebtedness thus incurred; or (b) a member of an affiliated group as defined by Section 1504 of the Internal Revenue Code of 1986, as amended, on July 1, 1995, with respect to loans made by one member of the affiliated group to another and who is not otherwise engaged in the business of loaning money secured by tangible personal property.

Miss. Code Ann. § 27-21-5 Schedule of tax.

The rate by which the amount of the tax hereby levied shall be one-fourth of one per centum (1/4 of 1%) of the total amount of indebtedness secured by tangible property located in the State of Mississippi.

Miss. Code Ann. § 27-21-7 Filing of report with Department of Revenue; payment of tax; due dates.

Every person, firm, corporation or association liable for the tax under the provisions of this chapter, shall make and file with the State Tax Commission a full and correct report of the total amount of the indebtedness it has secured by tangible personal property located in Mississippi and pay to the State Tax Commission the tax computed as provided in Section 27-21-5. Such report and payment are due as follows: For the period January 1 through March 31, the report and payment are due April 20; For the period April 1 through June 30, the report and payment are due July 20; For the period July 1 through September 30, the report and payment are due October 20; For the period October 1 through December 31, the report and payment are due January 20. An amended report for March through May 1994, along with indebtedness acquired for June 1994, shall be due July 20, 1994.

Miss. Code Ann. § 27-21-9 Tax in lieu of other privilege taxes.

The tax hereby levied is in lieu of all other privilege taxes upon such business, and shall be paid to the commissioner, as provided by law, previous to enjoyment of the privilege for the period covered by the payment; and the amounts paid by the taxpayer in any given calendar year shall be credited upon such income tax as may be due by the taxpayer for such calendar year, or for the next fiscal year ending after the close of such calendar year on the income derived exclusively from the business which measures the annual statewide privilege tax levied by Section 27-21-3, Mississippi Code of 1972. The credit so allowed shall, in no event, be in a greater amount than the total amount of income tax due by the taxpayer for such calendar or fiscal year; it being the purpose and effect of this section that whichever of the above taxes is greater in amount shall be paid by the taxpayer.

Miss. Code Ann. § 27-21-11 “Doing business” defined.

The terms “doing business”, or “doing a business”, as used in this chapter, shall mean and include any and every act, power or privilege exercised or enjoyed in this state as an incident to, or in connection with, the lending of money, acquiring or owning notes or other forms of indebtedness secured as aforesaid by liens on tangible personal property located in the state of Mississippi, which liens may be enforced or indebtedness collected under the laws and government of this state; and the enjoyment of any and every right or privilege as owner of such securities on account of which said act, right, power or privilege so exercised or enjoyed, the state of Mississippi can lawfully levy and collect a privilege tax. Provided, the terms “doing business”, or “doing a business”, as used in this chapter shall not include the owning of notes or other forms of indebtedness when said notes or other forms of indebtedness are owned by the dealer selling the tangible personal property securing said notes or other forms of indebtedness.

Miss. Code Ann. § 27-21-13 Doing business without paying tax; denial of access to courts to collect debts; penalty for passing tax on to consumer or dealer.

If any person, firm, corporation or association shall do business in this state as hereinbefore defined, without having paid the tax hereby imposed, then, in addition to all other fines and penalties, such person, firm, corporation or association, shall be denied access to the courts of this state for the purpose of collecting any indebtedness evidenced by securities held, enforcing securities so held or acquired, or for the purpose of obtaining possession of the property upon which a lien exists under such note or other form of indebtedness, or for the purpose of obtaining judgment on any such notes or contracts or other evidences of indebtedness, or for any other purpose in connection with the enforcement of any right acquired by the acquisition or ownership of such notes, evidences of indebtedness or other contracts. If any holder of such paper shall directly or indirectly pass the tax imposed by this chapter on to the consumer or dealer, or shall attempt to do so, such holder shall be liable to a penalty of Two Hundred Dollars ($200.00) for each separate transaction involved, which penalty or penalties may be recovered by suit by any such dealer or consumer aggrieved. This section shall be construed liberally in favor of the dealer or consumer aggrieved.

Miss. Code Ann. § 27-21-15 Records to be kept.

It shall be the duty of every person engaging or continuing in this state, in any business as defined in this chapter, and for which the privilege tax is imposed by this chapter, to keep and preserve adequate records of all transactions by which securities of any character are required, evidencing liens upon tangible property located in this state, as hereinbefore defined. The records provided for in this section shall be kept in the taxpayer’s principal place of business within this state, and if no such principal place of business is maintained in this state, then such records shall be kept at some convenient place in the custody of some reliable officer or person to be designated by the commissioner. Said records shall be open to inspection by the commissioner or his duly authorized agents at all reasonable times, for the purpose of ascertaining the amount of taxes due under this chapter.

Miss. Code Ann. § 27-21-17 Repealed.

Repealed by Laws, 1995, ch. 345, § 1, eff from and after January 1, 1995. [Codes, 1942, § 9349; Laws, 1940, ch. 110; Laws, 1977, ch. 374, § 1; Laws, 1994, ch. 497, § 5]

Miss. Code Ann. § 27-21-19 Enforcement.

All administrative provisions of the Mississippi Sales Tax Law shall apply with like force and effect to all persons liable for taxes under the provisions of this chapter, and the commissioner and the state tax commission shall exercise all power and authority and perform all the duties with respect to taxpayers under this chapter as are provided in said Mississippi Sales Tax Law. In case of conflict between the provisions of this chapter and any provision in the Mississippi Sales Tax Law, then the provisions of this chapter shall control.