§ 27-7-1. Citation of article

This article may be cited as the Income Tax Law of 1952.

§ 27-7-101. Other definitions relating to capital gains and losses

The definition of the terms “short-term capital gain,” “short-term capital loss,” “long-term capital gain,” “long-term capital loss,” “net short-term capital gain,” “net short-term capital loss,” “net long-term capital gain,” “net long-term capital loss,” “capital gain net income,” “net capital loss,” and “net capital gain” shall be the same as those terms are defined under the […]

§ 27-7-103. Applicability of provisions of Internal Revenue Code relating to capital losses

All provisions of the Internal Revenue Code of 1986, as amended, in regard to limitations on capital losses, capital loss carrybacks and carryovers and holding periods of property shall be applicable to the provisions of Sections 27-7-95 through 27-7-101.

§ 27-7-105. Penalty on underpayment of taxes attributable to fraud

If any part of any underpayment of tax required to be shown on a return required by this chapter or if any underpayment is finally assessed due to failure to file a return required by this chapter is due to fraud, there shall be added to the tax an amount equal to seventy-five percent (75%) […]

§ 27-7-11. Inventories

Whenever, in the opinion of the commissioner, the use of inventories is necessary in order to clearly determine the income of any taxpayer, inventories shall be taken by such taxpayer upon such basis as the commissioner may prescribe, with the approval of the governor, in order to conform as nearly as may be to the […]

§ 27-7-13. Net income defined

The term “net income” means the gross income as defined hereunder, less allowable business expenses and expenses incurred in the taxpayer’s regular trade or profession. The net income which may be subjected to tax shall be determined upon the basis of the taxpayer’s annual accounting period, either fiscal or calendar year, and in keeping with […]

§ 27-7-15. Gross income defined

For the purposes of this article, except as otherwise provided, the term “gross income” means and includes the income of a taxpayer derived from salaries, wages, fees or compensation for service, of whatever kind and in whatever form paid, including income from governmental agencies and subdivisions thereof; or from professions, vocations, trades, businesses, commerce or […]

§ 27-7-16. Gross income; treatment of employees’ pension trusts, tax-sheltered annuities, deferred compensation plans, self-employed retirement plans, and individual retirement accounts or retirement bonds

Amounts contributed in the taxable year by employees and/or self-employed individuals, including partners, to an employees’ pension trust, tax-sheltered annuity plan, authorized deferred compensation plan, self-employed retirement plan, individual retirement account or retirement bond which meets the requirements of a qualified plan under the provisions of the Internal Revenue Code of 1986, as amended, shall […]

§ 27-7-17. Deductions allowed

In computing taxable income, there shall be allowed as deductions: Business deductions. Business expenses.All the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business, including a reasonable allowance for salaries or other compensation for personal services actually rendered; nonreimbursable traveling expenses incident to current employment, including […]

§ 27-7-18. Adjustments to gross income; alimony payments; unreimbursed moving expenses; payments for medical insurance by self-employed individuals; contributions to MACS program account; unreimbursed expenses related to donation of organ by living donor

Alimony payments. In the case of a person described in Section 27-7-15(2)(e), there shall be allowed as a deduction from gross income amounts paid as periodic payments to the extent of such amounts as are includible in the gross income of the spouse as provided in Section 27-7-15(2)(e), payment of which is made within the […]

§ 27-7-19. Items not deductible

In computing net income, no deductions shall, in any case, be allowed in respect of: Personal, living or family expenses. Any amount paid out for new buildings or permanent improvements or betterments made to increase the value of any property or estate, except in computing the net income from sale of such property. Any amount […]

§ 27-7-20. Casualty losses of individuals

Casualty losses of individuals shall be computed and allowed in accordance with the provisions of the Internal Revenue Code, rules, regulations and revenue procedures relating to casualty and theft losses and disaster losses not in direct conflict with the provisions of the Mississippi Income Tax Law. The State Tax Commission shall apply a special rule […]

§ 27-7-21. Exemptions allowed

Allowance of deductions. In the case of a resident individual, the exemptions provided by this section, as applicable to individuals, shall be allowed as deductions in computing taxable income. Single individuals. In the case of a single individual, a personal exemption of Five Thousand Two Hundred Fifty Dollars ($5,250.00) for the 1979 and 1980 calendar […]

§ 27-7-22. Tax credits for qualified businesses

For any qualified business, as defined in Section 57-51-5, which is located in a county, or portion thereof, designated as an enterprise zone pursuant to Title 57, Chapter 51, Mississippi Code of 1972, there shall be allowed as a credit against the tax imposed by this chapter, an amount equal to One Thousand Dollars ($1,000.00) […]

§ 27-7-22.11. Tax credit under Venture Capital Act of 1994

Subject to subsection (2) of this section, the amount of the credit that a taxpayer may receive under the Venture Capital Act of 1994 for a particular taxable year is equal to the lesser of: The taxpayer’s state tax liability for the taxable year; or The amount determined in Step Three of the following steps: […]

§ 27-7-22.13. Financial institution; credit; net gain

For the purposes of this section, the term “financial institution” shall have the meaning set forth in Section 27-7-24.1(h)(i), (ii), (iii), (iv), or (viii). There shall be allowed to a Mississippi employer which is a financial institution a credit against the income taxes imposed under this chapter based upon the net gain, if any, in […]

§ 27-7-22.15. Income tax credit for approved reforestation practices

As used in this section, the following words and phrases shall have the meanings ascribed to herein unless the context clearly indicates otherwise: “Approved reforestation practices” means the following practices for establishing a crop of trees suitable for manufacturing into forest products: “Pine and hardwood tree planting practices” including the cost of seedlings, planting by […]

§ 27-7-22.16. Income tax credit for remediation costs incurred at brownfield agreement site

Except as otherwise provided under this subsection, the words and phrases used in this section shall have the meanings ascribed to them in Section 49-35-5, Mississippi Code of 1972. “Remediation costs” means reasonable costs paid for the assessment, investigation, remediation, monitoring and related activities at a brownfield agreement site which are consistent with the remedy […]

§ 27-7-22.17. Job tax credit for permanent business enterprises operating certain projects that create at least 3,000 new full-time jobs

Permanent business enterprises engaged in operating a project and companies that are members of an affiliated group that includes such permanent business enterprises are allowed a job tax credit for taxes imposed by Section 27-7-5 equal to Five Thousand Dollars ($5,000.00) annually for each net new full-time employee job for a period of twenty (20) […]

§ 27-7-22.18. Job tax credit for business enterprises owning or operating certain projects that create at least 450 new full-time jobs

Any enterprise owning or operating a project as defined in Section 57-75-5(f) (xviii) is allowed a job tax credit for taxes imposed by Section 27-7-5 equal to Five Thousand Dollars ($5,000.00) annually for each net new full-time employee job for a period of ten (10) years from the date the credit commences. The credit shall […]