MS SB2605

Amends Mississippi Code Section 27-7-15 to exclude capital contributions made by a governmental entity to a corporation from the corporation's gross income for tax purposes.

Adds new subsection (ll) to the list of items excluded from gross income, specifically referencing amounts included in federal gross income under Section 118(b)(2) of the Internal Revenue Code for taxable years ending after December 22, 2017.

Aligns Mississippi tax treatment with federal tax law regarding governmental capital contributions to corporations.

Effective January 1, 2019.