On November 4, 2021, the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund (CDFI Fund) released the Notice of Allocation Availability for the calendar year (CY) 2021 round of the New...more
Yesterday, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded 100 Community Development Entities (CDEs) $5 billion in New Markets Tax Credit (NMTC) allocation...more
The Mississippi Department of Revenue is aware of the new pressures on the business community and state governments in responding to the COVID 19 pandemic. We are committed to doing what we can to help provide relief and...more
3/31/2020
/ Coronavirus/COVID-19 ,
Department of Revenue ,
Filing Deadlines ,
Income Taxes ,
Interest Accrual ,
Property Tax ,
Relief Measures ,
Sales & Use Tax ,
State Taxes ,
Tax Penalties ,
Tax Returns ,
Time Extensions ,
Waivers
On October 19th, 2018, the Department of Treasury released the first set of proposed regulations and a related revenue ruling for the opportunity zone incentives created by the Tax Cuts and Jobs Act of 2017, which was enacted...more
On June 21, 2018, the Supreme Court rendered its long awaited decision in South Dakota v. Wayfair and overturned the Court’s 50-year old physical presence nexus standard arising from Quill Corp. v. North Dakota (1992) and...more
6/25/2018
/ Appeals ,
Commerce Clause ,
Constitutional Challenges ,
Internet Retailers ,
Interstate Commerce ,
Out-of-State Companies ,
Physical Presence Test ,
Quill ,
Reversal ,
Sales & Use Tax ,
SCOTUS ,
South Dakota v. Wayfair ,
Substantial Nexus
The 2017 Tax Cuts and Jobs Act, enacted December 22, 2017, offers a new tax incentive for the benefit of low-income communities with the creation of qualified opportunity zones. It is anticipated that the qualified...more
2/16/2018
/ Community Development ,
Economic Development ,
Investment Funds ,
Low-Income Issues ,
New Legislation ,
New Market Tax Credits ,
Opportunity Zones ,
Public Finance ,
State and Local Government ,
Tax Cuts and Jobs Act ,
Tax Reform ,
Trump Administration
For many years, the Internal Revenue Code has provided various incentives aimed at encouraging economic development and investments in low-income and/or distressed communities by providing certain tax benefits to businesses...more
The nation’s infrastructure is in need of dire repair. On February 2, 2015, to encourage private investments in infrastructure through public-private partnerships (“P3s”) and as part of his 2016 proposed budget, President...more
A Mississippi trial court has again found unconstitutional the state’s dividend exclusion statute, which disadvantages certain multistate taxpayers as compared to solely Mississippi taxpayers. This result comes from AT&T’s...more
This omnibus tax legislation, House Bill No. 799, was signed into law by Governor Phil Bryant on April 11, 2014, after passing the House of Representatives by a unanimous vote 121-0, and by a Senate vote of 40-9. This...more
Mississippi Governor Phil Bryant recently signed into law a bill enacted during the 2013 regular session of the Mississippi Legislature. This new law improves and modernizes the Statute of Limitations that applies to the...more