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Tag Archives: taxes

DOR: State’s general fund stands to lose more than $100 million annually through the new tax apportionment rules

A bill to limit how and when the Mississippi Department of Revenue can use a market-based taxing method in calculating the tax bills of multistate businesses in the state passed the Legislature Tuesday morning. Legislators also put limits on the DOR’s authority to demand multistate companies provide combined tax returns. The DOR has insisted on authority to seek combined returns ...

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Business inventory tax, proclaimed as a jobs creation tool, projected to cost state $7M this year, then $126M in FY 2017

With fiscal 2014’s arrival, Mississippi’s businesses can begin enjoying the rewards of a hard-fought victory achieved in 2012 with passage of a phased-in state income tax credits for businesses that pay inventory taxes to cities and counties. Legislative wrangling ended with establishing the tax credits in place of an actual end to the inventory tax, an outcome cities, counties and ...

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Bill to renew Mississippi tourism sale tax rebates in home stretch

A proposed three-year renewal of Mississippi’s tourism incentives includes a provision designed to spur development of a convention center hotel in Jackson and perhaps Biloxi. Convention hotels would be eligible for sales tax rebate of up to 80 percent over 15 years under two conditions: the properties are built within 1,000 feet of an existing convention complex and the local ...

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Mississippi Supreme Court casino ruling opens door to spreading tax credits to affiliates

Look for gaming operators and other corporate entities in Mississippi to file amended income tax returns based on a February state Supreme Court ruling that Isle of Capri Casinos can spread its tax credits among affiliate operations. The court ruled against the state Department of Revenue in its appeal of a 2012 Harrison County Chancery Court decision in favor of ...

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Uniformity eludes states' multistate business taxing methods

Mississippi is an “all or nothing” state when it comes to designating the source of taxing the revenue a multistate corporation makes through the sales of services. Here’s an explanation from attorney Richard Henchman, VP of legal & sate projects for The Tax Foundation, based in Washington, D.C.: “The historical approach is Cost of Performance (CoP), or Income-Producing Activity (IPA). ...

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Business tax bills seek limits on DOR in taxing options

Some members of the Mississippi Legislature fear last summer’s state Supreme Court ruling that bumped the one-year Mississippi tax bill of Atlanta’s Equifax Credit Information Services from zero to over $700,000 will tarnish the state’s “business friendly reputation.” To undo the perceived damage, two Republican-sponsored bills designed to make it harder for the state to assess taxes on multistate businesses ...

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Legal fees can grow quickly for cities

With attorneys commonly charging $100 to $150 per hour, it can take a big bite out of a city’s finances for legal fees, especially for cities that have been involved in annexation battles. In the 2013 calendar year, the City of Biloxi paid $581,741 to one law firm, Page, Mannino, Peresich & McDermott, PLLC. Biloxi paid another $127,088 to Michael ...

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Mississippi's revenue buoyed by corporate tax collections

By Bobby Harrison JACKSON, Mississippi – State revenue collections continue to be strong, outpacing by 7.6 percent what was collected during the same time period last year, thanks in large part to a surge in corporate tax collections. Strong collections for the current year come on the heels of the previous two years where tax collections grew by more than ...

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