Mississippi House Bill 1668 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 2-0)
Status: Passed on March 27 2023 - 100% progression
Action: 2023-03-27 - Approved by Governor
Text: Latest bill text (Enrolled) [HTML]

An Act To Amend Section 27-7-26, Mississippi Code Of 1972, To Revise The Method By Which A Partnership, S Corporation Or Similar Pass-through Entity May Elect To Become An Electing Pass-through Entity For Income Tax Purposes, And By Which Such Election May Be Revoked; To Include Each Owner's, Member's, Partner's Or Shareholder's Pro Rata Or Distributive Share Of The Electing Pass-through Entity's Income In The Computation Of Such Individual Taxpayer's Income Tax Liability; To Provide That The Individual Taxpayer's Credit Shall Be Equal To His Or Her Pro Rata Or Distributive Share Of Tax Due Before Application Of Any Entity-level Credits By The Electing Pass-through Entity; To Provide That Any Additional Income Tax Credits Generated By An Electing Pass-through Entity Shall Pass Through To The Owners, Members, Partners Or Shareholders On A Pro-rata Basis And May Be Claimed On The Returns Of Those Taxpayers; To Provide That If An Owner's, Member's, Partner's Or Shareholder's Aggregate Income Tax Credits Exceed His Or Her Income Tax Liability, Such Excess Shall Be Carried Forward As An Overpayment Or Refunded At The Election Of Such Person; To Provide That Any Carryforward Limitations Applicable To Credits Generated By The Pass-through Entity, Other Than The Credit Provided By This Section For Income Taxes Paid By The Pass-through Entity, Shall Apply At The Owner, Member, Partner Or Shareholder Level; And For Related Purposes.

Income tax; revise certain provisions regarding pass-through entities.

Rep. John Lamar [R]

Rep. Randy Boyd [R]

2023-03-16 - House - House Concurred in Amend From Senate (Y: 112 N: 0 NV: 9 Abs: 0) [PASS]
2023-03-14 - Senate - Senate Passed As Amended (Y: 52 N: 0 NV: 0 Abs: 0) [PASS]
2023-02-21 - House - House Passed As Amended (Y: 115 N: 0 NV: 6 Abs: 0) [PASS]

Date	Chamber	Action
2023-03-27		Approved by Governor
2023-03-20	Senate	Enrolled Bill Signed
2023-03-20	House	Enrolled Bill Signed
2023-03-16	House	Concurred in Amend From Senate
2023-03-15	Senate	Returned For Concurrence
2023-03-14	Senate	Passed As Amended
2023-03-14	Senate	Amended
2023-03-09	Senate	Title Suff Do Pass
2023-02-23	Senate	Referred To Finance
2023-02-23	House	Transmitted To Senate
2023-02-21	House	Passed As Amended
2023-02-21	House	Amended
2023-02-21	House	Title Suff Do Pass
2023-02-15	House	Referred To Ways and Means

Chapter	Article	Section	Citation Type	Statute Text
27	7	26	Amended Code	See Bill Text

Type	Source
Summary	https://billstatus.ls.state.ms.us/2023/pdf/history/HB/HB1668.xml
Text	https://billstatus.ls.state.ms.us/documents/2023/html/HB/1600-1699/HB1668IN.htm
Text	https://billstatus.ls.state.ms.us/documents/2023/html/HB/1600-1699/HB1668PS.htm
Text	https://billstatus.ls.state.ms.us/documents/2023/html/HB/1600-1699/HB1668SG.htm
Amendment	https://billstatus.ls.state.ms.us/documents/2023/html/ham/HB1668_H_Amend_01.htm
Amendment	https://billstatus.ls.state.ms.us/documents/2023/html/sam/HB1668_S_Amend_01.htm
Roll Call	https://billstatus.ls.state.ms.us/2023/pdf/votes/house/0500012.pdf
Roll Call	https://billstatus.ls.state.ms.us/2023/pdf/votes/senate/0710007.pdf
Roll Call	https://billstatus.ls.state.ms.us/2023/pdf/votes/house/0730011.pdf