MS HB1456

Taxpayers in Hancock, Harrison, and Jackson Counties who suffered losses from the Deepwater Horizon oil spill can carry back qualified oil spill losses for 5 taxable years (instead of the standard 2 years)

If the net operating loss is not exhausted by the 5-year carryback, it can be carried forward for up to 20 taxable years

Qualified oil spill losses must have occurred between April 20, 2010 and January 1, 2012, and be attributable to the Gulf oil spill

The deductible loss is limited to the lesser of actual losses exceeding Oil Pollution Control Act payments received, or the total net operating loss for that tax year

Taxpayers may elect to waive the carryback period entirely by notifying the Department of Revenue by the return due date