HB672: Income tax; revise certain certain provisions relating to electing pass-through entities.

Legislative Summary

An Act To Amend Section 27-7-26, Mississippi Code Of 1972, Which Authorizes Partnerships, S Corporations Or Similar Pass-through Entities To Elect To Be Taxed As An Electing Pass-through Entity For State Income Tax Purposes And Pay Income Tax At The Entity Level, And Allows Each Owner, Member, Partner Or Shareholder Of An Electing Pass-through Entity A Credit Against Income Taxes In An Amount Equal To His Or Her Pro Rata Or Distributive Share Of Income Tax Paid By The Electing Pass-through Entity With Respect To The Corresponding Taxable Year, To Provide That Any Excess Credit Not Used In A Taxable Year May Be Carried Forward For Five Consecutive Years From The Close Of The Taxable Year In Which The Credit Was Allowed; And For Related Purposes.