Within a 24 hour period, the Mississippi House of Representatives introduced and passed a bill to repeal the individual income tax, but at a cost of massive increases in sales taxes imposed on business inputs. H.B. 1439 would phase out the individual income tax by gradually increasing the personal exemption over an undefined period of
The Mississippi House of Representatives passed HB 1142 to extend the state’s 3.5% contractor’s tax to residential construction and to require builders to obtain a material purchase certificate (“MPC”) in order to pull a local building permit. Under current law, the contractor’s tax only applies to commercial construction, and the ordinary 7% sales tax applies
For several years Mississippi has attempted to pass legislation to authorize offers in compromise allowing taxpayers to pay less than the full amount of finally determined taxes due by them. The Mississippi Constitution prohibits any release or extinguishment of any obligation or liability to the state, except for the compromise of certain doubtful claims.
On
Years ago the Mississippi Legislature “borrowed” certain sales, use and payroll tax collections from a subsequent fiscal year to close a then-current year budget gap. Because Mississippi has a June 30 fiscal year end, the legislation required certain taxpayers having a monthly tax liability of $50,000 or more to accelerate 75% of their June tax
When Congress recently passed Consolidated Appropriations Act of 2021, it explicitly reversed the IRS’s earlier position that expenses paid with non-taxable forgiven PPP loan proceeds could not be deducted. As a result of this legislation, the IRS recently issued Revenue Ruling 2021-2 confirming that the act reversed its prior guidance in Notice 2020-32 and
In a Monday press conference on Facebook Live, Mississippi Governor Tate Reeves laid out an ambitious plan to eliminate the state’s individual income tax in the upcoming legislative session starting in January. The tax, levied at a maximum rate of 5%, was trimmed in 2016 when the Legislature eliminated the 3% tax bracket levied on
With a heavily business-friendly state legislature, before the pandemic, significant pro-business tax reform was on the legislative agenda. Please join members of the Jones Walker SALT team and special guest Senator R.L. “Bret” Allain, II, Louisiana State Senate, as we discuss what did pass, what did not, and what the future may hold for further
House Bill 805 of the 2020 Regular Session, currently awaiting signature by Louisiana Governor John Bel Edwards, provides a hard deadline for all legal deadlines and prescription periods extended by proclamation throughout the COVID-19 public health emergency.
On March 13, 2020, Governor Edwards declared a public health emergency in Louisiana, followed by a series
Mississippi Department of Revenue reminds taxpayers that income tax returns are due May 15 and the state does not follow federal dates.
For additional information, please contact John Fletcher and Bob Box from our team in Mississippi.
The Mississippi Department of Revenue has been very active in informing the public of tax-related developments resulting from the COVID-19 pandemic. All taxpayers are encouraged to follow them on social media such as Facebook and Twitter as those appear to be their primary and most easily accessible means of conveying information to the public at