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Tag Archives: taxes

Senate backs convention to mandate federal balanced budget

JACKSON — State senators want to sign Mississippi onto a plan for a nationwide constitutional convention that would force the federal government to balance its budget and require states’ permission to increase the national debt. The Senate voted 30-18 Wednesday to pass Senate Bill 2389, seeking a convention. The measure moves to the House for more debate. The plan, promoted ...

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Tourism group asks Jackson County for room tax

PASCAGOULA — The Mississippi Gulf Coast Convention and Visitors Bureau has asked Jackson County supervisors for a 2 percent nightly occupancy tax on hotel rooms to support tourism. Harrison and Hancock counties have heads-on-beds taxes in place that raise money to support the Mississippi Gulf Coast Regional Convention and Visitors Bureau. Jackson County does not. Pascagoula, Moss Point and Ocean ...

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Mississippi ranked 14th in Rich States/Poor States Index

ARLINGTON, Va. — A new report on economic competitiveness ranks Mississippi 14th in the nation. The findings were released Tuesday by the American Legislative Exchange Council. The Rich States, Poor States report looks as 15 basic economic policies and how legislative action and state regulations affect them from state-to-state. Those include various tax rates, regulatory burdens and labor policies. The ...

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It’s a taxing season for CPA firms

With less than two weeks left before tax filing deadline, CPA offices across Mississippi are feeling the crush. These pros, however, have learned to cope with the yearly pressures of tax season. They also took time to discuss changes and trends they’ve observed this year. Jessica Cooley with the Jackson metro area firm of GranthamPoole says the firm’s work/life balance ...

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JOHN SCOTT: Tax code, meet today’s reality

As springtime blooms and a seemingly never-ending winter fades, a noteworthy but broadly overlooked set of tax proposals was released by the House Ways and Means Committee in Washington. These serve as an opening bid on how Republicans view the future of the Internal Revenue Code. They are interesting as much for what they say implicitly as they are for ...

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State to end sales tax on interest paid on store-financed merchandise

Toting the note just got easier for Mississippi car dealers and other merchants who finance their customers’ purchases. Gov. Phil Bryant’s signing of House Bill 260 Tuesday puts a July 1 end to sales taxes on interest and other finance charges at buy-here-pay-here retail locations, including auto dealerships and furniture and appliance stores that arrange installment payments on items they ...

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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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