- To remove the provision that authorizes a taxpayer to elect to receive a 75% rebate on the amount of excess historic rehabilitation credits over $250,000 to allow the taxpayer to elect to receive a rebate on 75% on the total amount of excess historic rehabilitation credit in lieu of the ten-year carryforward.
To increase the aggregate amount of credits that may be awarded during a calendar year for voluntary cash contributions by business enterprises to eligible charitable organizations and to revise certain provision relating to the allocation of such credits
- To decrease the aggregate amount of charitable contribution credits and foster care charitable credits that may be awarded and allocated in a calendar year.
- To extend the date of the reverter on the provision that increases the maximum amount of child adoption credit from $2,500 to $5,000 up through December 31, 2023.
- To extend until July 1, 2025, the franchise tax credit authorized for telecommunications enterprises for the cost of equipment used in the deployment of broadband technologies and to extend until July 1, 2025 the ad valorem tax exemption for equipment used in the deployment of broadband technologies by telecommunications enterprises.
- To revise the definition of gross income to exclude (1) amounts received as loans, advances and/or grants under the Federal Coronavirus Aid, Relief and Economic Security (CARES) Act, (2) any and all cancelled indebtedness provided for under the CARES Act, (3) amounts received as payments (MS COVID-19 Business Relief Payments) under Section 4 of Senate Bill 2772 (2020 Regular Session) and (4) amounts received as grants under the 2020 COVID-19 Mississippi Business Assistance Act.
Beginning with tax year 2018, the 3% income tax rate will be phased out over a five-year period. The tax rate reduction is as follows:
Tax Year 2018
First $1,000 @ 0% and the next $4,000 @ 3%
Tax Year 2019
First $2,000 @ 0% and the next $3,000 @ 3%
Tax Year 2020
First $3,000 @ 0% and the next $2,000 @ 3%
Tax Year 2021
First $4,000 @ 0% and the next $1,000 @ 3%
Tax Year 2022
First $5,000 @ 0%
Link to MS state site: MS DOR