MS HB1548

Defines "Captive REIT" as a Real Estate Investment Trust that distributes one-half or more of its federal taxable income to entities in a single consolidated return or consolidated financial statement, and requires captive REITs to add back any dividends paid that were previously deducted.

Expands restrictions on deductibility of expenses paid to related members by adding "management and administrative fees" (covering accounts receivable, payroll, legal, accounting, and similar services) to existing limitations on interest expenses and intangible property expenses.

Clarifies definitions of "intangible property" to include franchises, know-how, formulas, designs, patterns, choses in action, and accounts receivable.

Establishes that interest expenses paid by subchapter K entities or corporations to related members are considered income derived from sources within Mississippi for the recipient.

Effective January 1, 2011, with no retroactive application to tax claims or assessments accrued before the effective date.