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MS HB489

Bill

Official Source

Status

Engrossed

2/25/2026

Primary Sponsor

Kimberly Remak

Click for details

Origin

House of Representatives

2026 Regular Session

AI Summary

  • Payments received for property taken through eminent domain or condemnation would be excluded from Mississippi state gross income for income tax purposes
  • The exclusion applies only if the property was purchased at least 5 years before being taken by eminent domain or condemnation
  • Amends Section 27-7-15 of the Mississippi Code of 1972, adding a new exemption category (ss) to the existing list of income exclusions
  • The bill takes effect January 1, 2026
  • Does not affect any tax claims, assessments, or enforcement actions for taxes due before the effective date

Legislative Description

Income tax; exclude payment for property taken by eminent domain from gross income.

Last Action

Referred To Finance

3/4/2026

Committee Referrals

Finance3/4/2026
Ways and Means1/12/2026

Full Bill Text

No bill text available