l9n/ Mississippi

2023 Regular Session

House Bill 1668

Income tax; revise certain provisions regarding pass-through entities.

Became law as Chapter 440, Laws of 2023, signed March 27, 2023, 40 days after it was filed.

What it does

The synopsis the Legislature published with the bill.

AN ACT TO AMEND SECTION 27-7-26, MISSISSIPPI CODE OF 1972, TO REVISE THE METHOD BY WHICH A PARTNERSHIP, S CORPORATION OR SIMILAR PASS-THROUGH ENTITY MAY ELECT TO BECOME AN ELECTING PASS-THROUGH ENTITY FOR INCOME TAX PURPOSES, AND BY WHICH SUCH ELECTION MAY BE REVOKED; TO INCLUDE EACH OWNER'S, MEMBER'S, PARTNER'S OR SHAREHOLDER'S PRO RATA OR DISTRIBUTIVE SHARE OF THE ELECTING PASS-THROUGH ENTITY'S INCOME IN THE COMPUTATION OF SUCH INDIVIDUAL TAXPAYER'S INCOME TAX LIABILITY; TO PROVIDE THAT THE INDIVIDUAL TAXPAYER'S CREDIT SHALL BE EQUAL TO HIS OR HER PRO RATA OR DISTRIBUTIVE SHARE OF TAX DUE BEFORE APPLICATION OF ANY ENTITY-LEVEL CREDITS BY THE ELECTING PASS-THROUGH ENTITY; TO PROVIDE THAT ANY ADDITIONAL INCOME TAX CREDITS GENERATED BY AN ELECTING PASS-THROUGH ENTITY SHALL PASS THROUGH TO THE OWNERS, MEMBERS, PARTNERS OR SHAREHOLDERS ON A PRO-RATA BASIS AND MAY BE CLAIMED ON THE RETURNS OF THOSE TAXPAYERS; TO PROVIDE THAT IF AN OWNER'S, MEMBER'S, PARTNER'S OR SHAREHOLDER'S AGGREGATE INCOME TAX CREDITS EXCEED HIS OR HER INCOME TAX LIABILITY, SUCH EXCESS SHALL BE CARRIED FORWARD AS AN OVERPAYMENT OR REFUNDED AT THE ELECTION OF SUCH PERSON; TO PROVIDE THAT ANY CARRYFORWARD LIMITATIONS APPLICABLE TO CREDITS GENERATED BY THE PASS-THROUGH ENTITY, OTHER THAN THE CREDIT PROVIDED BY THIS SECTION FOR INCOME TAXES PAID BY THE PASS-THROUGH ENTITY, SHALL APPLY AT THE OWNER, MEMBER, PARTNER OR SHAREHOLDER LEVEL; AND FOR RELATED PURPOSES.

Sponsors

Who carried the bill in each chamber, and who signed on. Each name leads to the member's page.

In the House of Representatives

1 co-sponsor

Randy P. Boyd

Its course

February 15 to March 27, 2023, on one scale. In the top row each mark is a day something happened; taller marks are busier days.

Each committee stop sits inside its chamber.

Every action14 actions on 9 days

In the House of RepresentativesFeb 15 to Feb 216 days

Ways and MeansFeb 15 to Feb 216 days

In the SenateFeb 21 to Mar 1421 days

FinanceFeb 23 to Mar 914 days

Back in the House of RepresentativesMar 14 to Mar 206 days

With the GovernorMar 20 to Mar 277 days

Amendments

Each amendment offered, and what became of it.

  • House of Representatives floor amendmentAdopted

    Adopted Feb 21

  • Senate floor amendmentAdopted

    Adopted Mar 14

Text

Each version as the Legislature printed it.

l9n doesn't hold this bill's text yet.

What happened

In l9n's words, one line for each step. Every action as the Legislature published it is below.

In the House of Representatives Feb 15 – Feb 21

  1. Feb 15Referred to the House committee on Ways and Means
  2. Feb 21Reported from committee in the House: title sufficient, do pass
  3. Amended in the House
  4. Passed the House as amended

In the Senate Feb 23 – Mar 14

  1. Feb 23Sent to the Senate
  2. Referred to the Senate committee on Finance
  3. Mar 9Reported from committee in the Senate: title sufficient, do pass
  4. Mar 14Amended in the Senate
  5. Passed the Senate as amended

Back in the House of Representatives Mar 15 – Mar 20

  1. Mar 15Returned to the House to concur in the Senate's amendments
  2. Mar 16Concurred in the House in the Senate's amendments
  3. Mar 20Enrolled bill signed in the House

To the Governor Mar 20 – Mar 27

  1. Mar 20Enrolled bill signed in the Senate
  2. Mar 27Approved by the Governor
All 14 actions, as published
  1. Feb 15Referred To Ways and MeansHouse of Representatives
  2. Feb 21Title Suff Do PassHouse of Representatives
  3. Feb 21AmendedHouse of Representatives
  4. Feb 21Passed As AmendedHouse of Representatives
  5. Feb 23Transmitted To SenateHouse of Representatives
  6. Feb 23Referred To FinanceSenate
  7. Mar 9Title Suff Do PassSenate
  8. Mar 14AmendedSenate
  9. Mar 14Passed As AmendedSenate
  10. Mar 15Returned For ConcurrenceSenate
  11. Mar 16Concurred in Amend From SenateHouse of Representatives
  12. Mar 20Enrolled Bill SignedHouse of Representatives
  13. Mar 20Enrolled Bill SignedSenate
  14. Mar 27Approved by GovernorGovernor