Mississippi House Bill 1456 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Failed on February 23 2011 - 100% progression
Action: 2011-02-23 - Died In Committee
Text: Latest bill text (Introduced) [HTML]

An Act To Amend Section 27-7-17, Mississippi Code Of 1972, To Provide That If A Taxpayer Has A Qualified Oil Spill Loss That Is A Net Operating Loss Under The State Income Tax Laws, The Loss Shall Be A Net Operating Loss Carryback To Each Of The Five Taxable Years Preceding The Year Of The Loss; To Provide That If The Net Operating Loss For Any Taxable Year Is Not Exhausted By Carrybacks To The Five Taxable Years Preceding The Taxable Year Of The Loss, Then There Shall Be A Net Operating Loss Carryover To Each Of The Twenty Taxable Years Following The Taxable Year Of The Loss Beginning With Any Taxable Year After The Taxable Year Of The Loss; To Define The Terms "recovery Zone", "gulf Oil Spill" And "qualified Oil Spill Loss"; And For Related Purposes.

Income tax; authorize five-year carryback for net operating loss attributable to Gulf oil spill.

Rep. Jessica Upshaw [R]

Date	Chamber	Action
2011-02-23		Died In Committee
2011-02-07		Referred To Ways and Means

Type	Source
Summary	https://billstatus.ls.state.ms.us/2011/pdf/history/HB/HB1456.xml
Text	https://billstatus.ls.state.ms.us/documents/2011/html/HB/1400-1499/HB1456IN.htm