Bill
Bill > HB1733
MS HB1733
Income tax; revise deduction for depreciation for certain expenditures and property.
summary
Introduced
02/21/2023
02/21/2023
In Committee
02/23/2023
02/23/2023
Crossed Over
02/21/2023
02/21/2023
Passed
03/20/2023
03/20/2023
Dead
Signed/Enacted/Adopted
03/27/2023
03/27/2023
Introduced Session
2023 Regular Session
Bill Summary
An Act To Amend Section 27-7-17, Mississippi Code Of 1972, As Amended By House Bill No. 1125, 2023 Regular Session, To Revise The Methods Of Depreciation That May Be Used For Certain Expenditures And Property Under The State Income Tax Law; And For Related Purposes.
AI Summary
This bill revises the methods of depreciation that may be used for certain expenditures and property under the state income tax law. It allows taxpayers to deduct specified research or experimental expenditures as an immediate expense rather than depreciating them. It also allows for 100% bonus depreciation for qualified property and qualified improvement property placed in service after December 31, 2022. Additionally, the bill conforms Mississippi's treatment of the Section 179 deduction to the federal provisions. These changes apply to tax years beginning after December 31, 2022.
Committee Categories
Budget and Finance
Sponsors (6)
Randy Boyd (R)*,
Chris Brown (R)*,
Steve Hopkins (R)*,
Trey Lamar (R)*,
De'Keither Stamps (D)*,
Brady Williamson (R)*,
Last Action
Approved by Governor (on 03/27/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://billstatus.ls.state.ms.us/2023/pdf/history/HB/HB1733.xml |
| BillText | http://billstatus.ls.state.ms.us/documents/2023/html/HB/1700-1799/HB1733SG.htm |
| Amendment No 2 | http://billstatus.ls.state.ms.us/documents/2023/html/sam/HB1733_S_Amend_02.htm |
| Committee Amendment No 1 | http://billstatus.ls.state.ms.us/documents/2023/html/sam/HB1733_S_Cmte_Amend_01.htm |
| BillText | http://billstatus.ls.state.ms.us/documents/2023/html/HB/1700-1799/HB1733PS.htm |
| Amendment No 1 | http://billstatus.ls.state.ms.us/documents/2023/html/ham/HB1733_H_Amend_01.pdf |
| BillText | http://billstatus.ls.state.ms.us/documents/2023/html/HB/1700-1799/HB1733IN.htm |
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