Bill Text: MS SB2494 | 2013 | Regular Session | Introduced

Mississippi Senate Bill 2494 (Prior Session Legislation)

Introduced

Bill Title: Income tax; repeal the provision that requires withholding of a portion of the gain realized on property sold by nonresidents.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2013-02-13 - Died In Committee [SB2494 Detail]

Download: Mississippi-2013-SB2494-Introduced.html

MISSISSIPPI LEGISLATURE

2013 Regular Session

To: Business and Financial Institutions; Finance

By: Senator(s) Fillingane

Senate Bill 2494

AN ACT TO REPEAL SECTION 27-7-308, MISSISSIPPI CODE OF 1972, WHICH REQUIRES THE BUYER OF REAL PROPERTY OWNED BY A NONRESIDENT TO WITHHOLD A PORTION OF THE AMOUNT REALIZED BY THE SELLER ON THE SALE WHEN THE SALE IS NOT CONSIDERED AN EXCHANGE OR TRADE OF PROPERTY AND RESULTS IN GROSS PROCEEDS GREATER THAN $100,000.00.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 27-7-308, Mississippi Code of 1972, which requires the buyer of real property owned by a nonresident to withhold a portion of the amount realized by the seller on the sale when the sale is not considered an exchange or trade of property and results in gross proceeds greater than One Hundred Thousand Dollars ($100,000.00) to a seller, is repealed.

SECTION 2. This act shall take effect and be in force from and after January 1, 2013.