At the Supreme Court early with my great friend Pat Reynolds of COST. Following National Pork Producers case, will it be a sleeper SALT case? Will Pike balancing test be toast? Is the dormant Commerce Clause really a “dead letter”? Looking forward to watching my first oral arguments.
Addendum – Estimated Tax Payments: Mississippi Follows the National Pass-Through Entity Tax Election Trend — Start Now to Make a 2022 Tax Election
Addendum – Estimated Tax Payments: Just after our article went to press, we received some informal guidance from the DOR regarding estimated tax payments that presents a bit of a conundrum for those considering the PTE election. As explained below, it may be necessary to make duplicate estimated payments at both the entity
Mississippi Follows the National Pass-Through Entity Tax Election Trend — Start Now to Make a 2022 Tax Election
This year, a number of state legislatures considered and passed legislation that creates a pass-through entity (PTE) tax as a workaround to the $10,000 cap on the state and local tax (SALT) itemized deduction. Nearly 30 states have enacted a PTE tax. Mississippi is one of the more recent states to join the ranks.
Beginning
John Fletcher Addresses Graduates at Delta State’s 95th Commencement Ceremony
I was honored as the President of the Delta State University Alumni Association to address the new graduates at Delta State’s 95th Commencement Ceremony last Friday. Pictured with me are DSU President William LaForge and the keynote speaker, alumnus Walt Bettinger II, CEO of The Charles Schwab Corporation. Not pictured but also on stage
Mississippi Enacts Pass-Through Entity Income Tax Election/ SALT Cap Workaround
Mississippi recently passed a SALT cap workaround in the form of a flow-through entity election. Consistent with the roughly 26 other states having adopted similar schemes, the Mississippi bill presents several grey areas and questions that will need to be addressed through Department of Revenue guidance or possible technical corrections.
H.B. 1691, signed into
Mississippi Senate Counters House Proposal on Income Tax Reform
Today the Mississippi Senate released a summary of its proposal for income tax reform. Readers may recall the House passed its proposal, HB 531, and passed it on January 13 (see our prior coverage). That bill has been transmitted to the Senate and referred to the Finance Committee.
While the Senate has not yet
Mississippi House Revisits Income Tax Phase-Out for 2022
Today the Mississippi House of Representatives filed and passed out of the Ways and Means Committee H.B. 531 which appears to represent the House leadership’s income tax elimination proposal for the 2022 session. The bill, which is 294 pages long, appears to have the following primary features:
- Quantifies the amounts by which actual fiscal year
Questions Submitted for Hearing on Mississippi Software Sales Tax Regulation
In anticipation of the upcoming public hearing on Mississippi’s proposed amendments to its sales tax regulation on Computer Equipment, Software and Services, Jones Walker recently submitted a letter to the Mississippi Department of Revenue summarizing a wide range of questions and issues raised by the proposal. These questions were compiled as a result of discussions
UPDATE: Mississippi Attempts to Significantly Increase Sales and Use Taxes on Internet-Based Business Services Via Regulatory Amendment
UPDATE: In response to widespread interest in these changes, the Mississippi Department of Revenue this afternoon scheduled a public hearing on the proposed amendments. The hearing is set for Wednesday, November 3 at 1:30. Interested parties are encouraged to identify specific questions and issues to present to the Department at the hearing. Jones Walker
Mississippi Attempts to Significantly Increase Sales and Use Taxes on Internet-Based Business Services Via Regulatory Amendment
On September 24, the Mississippi Department of Revenue filed a proposed amendment to its sales tax regulation on Computer Equipment, Software and Services. This amendment appears to reverse longstanding sales and use tax policy with respect to remote internet-based computer services, and could result in a significant non-legislative tax increase on Mississippi businesses. The notice