MS HB285

Amends Section 27-65-3 of the Mississippi Code to exclude finance charges and carrying charges from "gross proceeds of sales" for state sales tax purposes.

Amends Section 27-67-3 of the Mississippi Code to exclude finance charges and carrying charges from "purchase price" and "sales price" for state use tax purposes.

Finance charges and carrying charges resulting from deferred payments by purchasers are not subject to sales or use tax under the revised definitions.

Effective July 1, 2010, with no retroactive application to taxes due or accrued before the effective date.