MS HB1543

Expands Mississippi income tax to apply to nonresidents' net income derived from property, activity, or other sources within Mississippi, not limited to residents only.

Broadens the definition of "doing business" to include 11 specific activities such as regular solicitation of business in Mississippi, issuance of credit cards to Mississippi customers, and regular performance of services outside Mississippi where benefits are received in-state.

Adds provisions requiring apportionment of service income to the state where benefits are received and clarifies that income from intangible property transactions with Mississippi customers constitutes taxable business income.

Revises business income classification rules to presume all income is business income unless taxpayer establishes by preponderance of evidence that it is nonbusiness income, and expands functional test for what constitutes business income.

Takes effect January 1, 2014.