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MS HB1519
Bill
Status
4/17/2012
Primary Sponsor
Jeffrey Smith
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AI Summary
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Amends Mississippi Code Section 27-7-9 to provide tax-free treatment for corporate distributions to stockholders that qualify under Section 355 or 368(a)(1)(D) of the Internal Revenue Code.
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Extends tax-free treatment to the distributing corporation itself when distributions are part of a transaction qualifying under Section 355 or 368(a)(1)(D) of the Internal Revenue Code.
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Allows distributing corporations to recognize no gain on distributions made pursuant to an overall plan to facilitate an ultimate distribution that qualifies for tax-free treatment under Section 355 or 368(a)(1)(D) of the Internal Revenue Code.
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Effective date: January 1, 2012.
Legislative Description
Income tax; certain corporate distributions tax free if they are part of a transaction that qualifies under Section 355, Internal Rev. Code.
Last Action
Enrolled Bill Signed
4/17/2012