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MS HB1428
Bill
Status
2/27/2019
Primary Sponsor
Jeffrey Smith
Click for details
AI Summary
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Amends Mississippi Code Section 27-7-15 to exclude capital contributions made by governmental entities to corporations from gross income for state income tax purposes.
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Adds new subsection (ll) to the gross income exclusions, specifically for amounts included in federal gross income under Internal Revenue Code Section 118(b)(2) for taxable years ending after December 22, 2017.
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Section 118(b)(2) of the Internal Revenue Code pertains to contributions to capital made by non-shareholders, which includes governmental entities providing funding to corporations.
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Effective January 1, 2019.
Legislative Description
Income tax; exclude capital contribution by governmental entity from a corporation's income.
Last Action
Died In Committee
2/27/2019