MS HB257

Defines "Captive REIT" as a real estate investment trust that distributes 50% or more of its federal taxable income to entities in a single consolidated tax return or financial statement, and requires captive REITs to add back any dividend deductions claimed

Expands the definition of "intangible property" to include franchises, know-how, formulas, designs, patterns, processes, formats, choses in action, and accounts receivable for purposes of related-member transaction restrictions

Broadens "interest expenses and costs" to include all amounts allowed as deductions (removing prior limitation to intangible property transactions) and treats interest paid by partnerships or corporations to related members as Mississippi-source income to the recipient

Adds "management and administrative fees" (covering payroll, legal, accounting, insurance, data processing, and similar services) to the list of expenses that must be added back when paid to related members

Allows exceptions to the add-back requirement only if the related member paid the amount to an unrelated party, or if the recipient was subject to net income tax in Mississippi, another U.S. state, or a foreign nation with a U.S. tax treaty