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.
Top Posts & Pages
- MDA introduces new 'Mississippi Homecoming' tourism ad campaign
- MSU Foundation names five new members
- Crowded field lines up for Jackson mayoral election
- Another fiberhood qualifies for C Spire 1-gigabit Internet service
- Cochran questions nominee concerning Stanford ponzi scheme
- DMR pays accounting firm more than double contract's worth
- George’s Girls put shopping skills to work
- Reactive Surfaces files lawsuit against Toyota in patent dispute
- Following ruling, Entergy to hand over records to county