Bill > HB264

This bill makes several changes to Mississippi's income tax law: 1. It revises the definition of "doing business" for purposes of the state income tax law to include a broader range of activities and transactions that would subject nonresidents to the Mississippi income tax on their net income derived from such activities or sources within the state. 2. It defines "valid business purpose" for purposes of restrictions on the deduction of certain intangible expenses and interest incurred in transactions with related members. This provision aims to limit the ability of taxpayers to deduct such expenses if the transactions were primarily for tax avoidance purposes rather than a valid business reason. 3. It makes other technical revisions to the state's income tax laws, including provisions related to the allocation and apportionment of income for multistate businesses, the taxation of nonresidents, and the deductibility of certain business expenses. The bill is intended to update and clarify Mississippi's income tax laws to address changes in business practices and ensure that income earned from activities within the state are properly subject to the state's income tax.

Budget and Finance

http://billstatus.ls.state.ms.us/2019/pdf/history/HB/HB0264.xml