MS HB1318

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

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

Clarifies that charges resulting from deferred payments by purchasers are not subject to sales or use tax.

Preserves all existing tax claims, assessments, and appeals for taxes accrued before the effective date.

Takes effect July 1, 2013.