MS HB1733

Allows taxpayers to immediately deduct 100% of specified research or experimental expenditures in the year incurred for tax years beginning after December 31, 2022, rather than amortizing over multiple years as required by recent federal changes

Maintains 100% bonus depreciation for qualified property and qualified improvement property placed in service after December 31, 2022, regardless of federal phase-down schedules that began reducing bonus depreciation rates

Permits taxpayers to elect between immediate full deduction or following federal depreciation schedules under 26 USCS Sections 168 and 174, with the election being irrevocable once made

Conforms Mississippi's Section 179 expensing deduction (for qualifying business assets) to federal provisions in effect for the applicable tax year

Applies retroactively to tax years beginning on or after January 1, 2023