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MS SB2494

Bill

Official Source

Status

Failed

2/13/2013

Primary Sponsor

Joey Fillingane

Click for details

Origin

Senate

2013 Regular Session

AI Summary

  • Repeals Section 27-7-308 of the Mississippi Code of 1972, which required buyers to withhold a portion of sale proceeds from nonresident sellers of real property
  • Eliminates the withholding requirement for real property sales that are not exchanges or trades and result in gross proceeds exceeding $100,000
  • Removes the obligation for buyers to withhold taxes on behalf of nonresident sellers in qualifying transactions
  • Takes effect January 1, 2013

Legislative Description

Income tax; repeal the provision that requires withholding of a portion of the gain realized on property sold by nonresidents.

Last Action

Died In Committee

2/13/2013

Committee Referrals

Business and Financial Institutions1/21/2013

Full Bill Text

No bill text available