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MS SB2135

Bill

Official Source

Status

Failed

2/26/2014

Primary Sponsor

Terry Burton

Click for details

Origin

Senate

2014 Regular Session

AI Summary

  • Adds a new business deduction under Mississippi income tax law for income attributable to domestic production activities as defined and determined under Section 199 of the Internal Revenue Code.

  • The deduction is codified as subsection (q) under Section 27-7-17(1) of the Mississippi Code, allowing taxpayers to deduct qualifying domestic production income when computing taxable income.

  • Effective January 1, 2014.

Legislative Description

Income tax; authorize a business deduction for certain income attributable to domestic production activities.

Last Action

Died In Committee

2/26/2014

Committee Referrals

Finance1/10/2014

Full Bill Text

No bill text available