MS SB3101

Creates the Mississippi Full Expensing Tax Reform Act of 2023 to allow immediate full deduction of research and development expenditures and bonus depreciation for qualified property in tax years beginning after December 31, 2022.

Permits taxpayers to deduct research and experimental expenditures as immediate expenses in the year incurred, or alternatively depreciate them under IRC Section 174 schedules, with elections irrevocable unless the Commissioner of Revenue allows changes.

Allows 100% bonus depreciation for qualified property and qualified improvement property placed in service after December 31, 2022, with taxpayers able to elect immediate expensing or standard IRC Section 168 depreciation schedules.

Requires the Department of Revenue to develop implementation rules within 90 days of the act's effective date.

Takes effect upon passage.