Bill > HB211

This bill amends the Mississippi state income tax law to exclude certain payments received for property taken through eminent domain or condemnation from gross income. Specifically, the bill adds a provision that allows taxpayers to exclude from their gross income amounts received as compensation or damages for property taken by eminent domain, but only if the original property purchase date was at least five years before the date of eminent domain or condemnation. Eminent domain is a legal process that allows government entities to acquire private property for public use, typically with compensation to the property owner. The bill aims to provide tax relief for property owners whose land is taken by government entities, but includes a time requirement to prevent potential abuse. The new provision will be added to the existing list of income exclusions in the Mississippi tax code, and the bill is set to take effect on January 1, 2025. The legislation does not affect any existing tax claims or assessments prior to its effective date.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB0211.xml