Dept. of Revenue pulls the old switcharoo with tax liability-calculation rules
Current, former committee chairmen: Dept. of Revenue not adhering to intent of bill
by Clay Chandler
Published: August 28,2011
The two committee chairmen who ushered through the Capitol a bill they thought would clarify tax liability-calculation rules for Section 42 housing developments said last week the Department of Revenue had been ignoring the bill’s intent.
Passed during the legislative session in 2005, Senate Bill 3100 directed tax assessors to use the income capitalization approach when figuring the ad valorem tax bills for Section 42, or what are commonly called affordable rental housing, developments. The income capitalization method takes into account all income derived from a development, including the revenue from sales of federal tax credits developers are awarded for building Section 42 housing.
To sign up for Mississippi Business Daily Updates, click here.
Twang & Tourism: The Country Music Trail
Still planning that summer vacation?
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Prescription for success — Transcript Pharmacy continues fast growth
- Panther Creek megasite — Putting a value proposition out there
- BBB issues warning involving asphalt paving scam
- Study: Mississippi has highest sales tax rate in U.S.
- Mississippi State makes NSF ranking of research universities
- Panther Creek's location in medical industry zone boosts bio-med prospects
- Chris McDaniel responds to radio show audio clip
- Sawtimber, pulpwood markets improving, but challenges remain
- TVA president/CEO Johnson tours Techumseh, Yokohama plants
- News The Way You Want It!