Home » NEWS » Section 42 ruling to impact tax collections on Coast

Section 42 ruling to impact tax collections on Coast

taxesMISSISSIPPI GULF COAST — A recent state Supreme Court ruling is expected to cost Coast counties, cities and schools more than $6 million in tax revenue. That’s according to Mississippi Coast tax assessors.

The ruling pertains to how counties calculate the value of Section 42 or federally subsidized tax-credit housing for tax purposes.

The Sun Herald reports Jackson County Tax Assessor Benny Goff delivered the bad news to the Board of Supervisors yesterday.

Goff explained that tax-credit housing, built on the Coast after Hurricane Katrina, is a way for the federal government to help private companies build subsidized apartment complexes that offer lower rent to low-income people.

The Supreme Court ruling is holding tax assessors to state taxing rules that say a county should not include the subsidy in the value.

BEFORE YOU GO…

… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About Megan Wright

Leave a Reply

Your email address will not be published. Required fields are marked *

*