Loading chat...

MS HB1356

Bill

Official Source

Status

Passed

4/6/2021

Primary Sponsor

John Lamar

Click for details

Origin

House of Representatives

2021 Regular Session

AI Summary

  • Amends Section 27-7-17 of the Mississippi Code to modify depreciation deductions for aircraft, equipment, engines, and aviation-related parts and tools.

  • Allows bonus depreciation for new or used aircraft and aviation equipment to conform with federal bonus depreciation rates.

  • Requires that the reasonable allowance for depreciation on these aviation assets be no less than 100 percent.

  • Takes effect July 1, 2021.

Legislative Description

Income tax; revise deduction for depreciation regarding certain aircraft and equipment.

Last Action

Approved by Governor

4/6/2021

Committee Referrals

Finance3/9/2021
Ways and Means2/8/2021

Full Bill Text

No bill text available