Mississippi

A resident trust is any trust which is administered by the trustee in Mississippi. A trust being administered outside of Mississippi shall not be considered a resident trust merely because the governing instrument or a law requires that the laws of Mississippi be followed with respect to interpretation or administration of the trust. All other trusts are non-resident trusts.

Gains from the sale or exchange of capital assets shall be excluded to the extent that such gains are allocated to corpus and are not (A) paid, credited, or required to be distributed to any beneficiary during the taxable year, or (B) paid, permanently set aside, or to be used for the purposes specified in section 642(c).

(1) In general In the case of a qualified trust, any distribution in any taxable year beginning after the date of the enactment of this subsection shall be computed without regard to any undistributed net income. (2) Qualified trust For purposes of this subsection, the term 'qualified trust' means any trust other than- (A) a foreign trust (or, except as provided in regulations, a domestic trust which at any time was a foreign trust), or (B) a trust created before March 1, 1984, unless it is established that the trust would not be aggregated with other trusts under section 643(f) if such section applied to such trust.

Therefore, as of January 1, 2005, no estate tax return is required for decedents dying on or after January 1, 2005 for the State of Mississippi. Mississippi does not have an inheritance tax nor a gift tax.

For taxable years beginning on or after January 1, 2025, a tax is imposed upon the Mississippi taxable income of every individual at the rate of zero percent on the first $10,000 of income and 4.4 percent on income in excess of $10,000.

3. For calendar year 2026 * * * and all calendar years thereafter , on such taxable income, the rate shall be four percent (4%) * * * . ; 4. For calendar year 2027, on such taxable income, the rate shall be three and three-quarters percent (3.75%);

In the case of a taxpayer other than a corporation, if there is a net capital loss for any taxable year: (1) the excess of the net short-term capital loss over the net long-term capital gain for such year shall be a short-term capital loss in the succeeding taxable year, and (2) the excess of the net long-term capital loss over the net short-term capital gain for such year shall be a long-term capital loss in the succeeding taxable year.

Interest income from obligations of the U.S. Government, the State of Mississippi and subdivisions thereof is exempt from Mississippi income tax. Interest on obligations of other countries, states, cities, or political subdivisions outside of Mississippi is taxable.

Interest income from obligations of the U.S. Government, the State of Mississippi and subdivisions thereof is exempt from Mississippi income tax. Interest on obligations of other countries, states, cities, or political subdivisions outside of Mississippi is taxable.

SECTION 1. Section 27-7-9, Mississippi Code of 1972, is amended as follows: 27-7-9. (a) Except as provided in Sections 27-7-95 through 27-7-103, determination of amount of gain or loss

Long-term capital gains are considered taxable income; however, Mississippi exempts the gain from the sale of authorized shares in financial institutions domiciled in Mississippi.

There shall be excluded from gross income: interest received on obligations of the United States or its possessions, or of any authority, commission, or instrumentality of the United States, to the extent the interest is exempt from state income taxes under the laws of the United States.

For taxable years beginning on or after January 1, 2025, a tax is imposed upon the Mississippi taxable income of every individual at the rate of zero percent on the first $10,000 of income and 4.4 percent on income in excess of $10,000.

Stocks and obligations of the United States Government are exempt from taxation by a State or political subdivision of a State. The exemption applies to each form of taxation that would require the obligation, the interest on the obligation, or both, to be considered in computing a tax.

Any security issued under this chapter by a Federal home loan bank, including the stock thereof, shall be exempt from taxation, except taxes upon real estate, by any State, county, municipality, or local taxing authority.

The mortgages held by the Farm Credit Banks and the notes, bonds, debentures, and other obligations issued by the banks shall be considered and held to be instrumentalities of the United States and, as such, they and the income therefrom shall be exempt from all Federal, State, municipal, and local taxation, other than Federal income tax liability of the holder thereof under the Public Debt Act of 1941 (31 U.S.C. 3124).

In the case of a taxpayer other than a corporation, if there is a net capital loss for any taxable year: (1) the excess of the net short-term capital loss over the net long-term capital gain for such year shall be a short-term capital loss in the succeeding taxable year, and (2) the excess of the net long-term capital loss over the net short-term capital gain for such year shall be a long-term capital loss in the succeeding taxable year.

For taxable years beginning on or after January 1, 2025, a tax is imposed upon the Mississippi taxable income of every individual at the rate of zero percent on the first $10,000 of income and 4.4 percent on income in excess of $10,000.

For taxable years beginning on or after January 1, 2025, a tax is imposed upon the Mississippi taxable income of every individual at the rate of zero percent on the first $10,000 of income and 4.4 percent on income in excess of $10,000.

Mississippi generally follows the federal rules governing capital losses. Capital losses are limited to $3,000 per year.