MS SB2502 | 2015 | Regular Session
Status
Completed Legislative Action
Spectrum: Partisan Bill (Republican 5-0)
Status: Failed on February 25 2015 - 100% progression
Action: 2015-02-25 - Died In Committee
Text: Latest bill text (Introduced) [HTML]
Spectrum: Partisan Bill (Republican 5-0)
Status: Failed on February 25 2015 - 100% progression
Action: 2015-02-25 - Died In Committee
Text: Latest bill text (Introduced) [HTML]
Summary
An Act To Authorize Taxpayers To Establish Catastrophe Savings Accounts To Pay The Amount Of Insurance Policy Deductibles And Other Uninsured Portions Of Risks Of Loss To The Taxpayer's Legal Residence From A Hurricane, Flood, Windstorm Or Other Catastrophic Event; To Provide That The Amounts Contributed To A Catastrophe Savings Account, Interest Income Earned On A Catastrophe Savings Account, And Distributions From A Catastrophe Savings Account That Are Used To Pay Qualified Catastrophe Expenses Shall Be Excluded From The Taxable Gross Income Of The Account Holder; To Provide That Any State Income Tax Paid That Is Attributable To A Taxable Distribution From A Catastrophe Savings Account Shall Be Increased By Two And One-half Percent Of The Amount Of The Distribution That Is Includable In The Taxable Gross Income Of The Taxpayer; To Amend Sections 27-7-15 And 85-3-1, Mississippi Code Of 1972, In Conformity Thereto; And For Related Purposes.
Title
Income tax; authorize establishment of catastrophe savings accounts and exempt contributions and distributions from tax.
Sponsors
| Sen. Brice Wiggins [R] | Sen. Philip Moran [R] | Sen. Sean Tindell [R] | Sen. Thomas Gollott [R] |
| Sen. Rita Potts Parks [R] |
History
| Date | Chamber | Action |
|---|---|---|
| 2015-02-25 | Senate | Died In Committee |
| 2015-01-19 | Senate | Referred To Finance |
Mississippi State Sources
| Type | Source |
|---|---|
| Summary | https://billstatus.ls.state.ms.us/2015/pdf/history/SB/SB2502.xml |
| Text | https://billstatus.ls.state.ms.us/documents/2015/html/SB/2500-2599/SB2502IN.htm |
