To download this article as a pdf in its entirety, please click here.
On Dec. 22, 2017, the 2017 Tax Cuts and Jobs Act (the "Act"), was signed into law, putting in place the most comprehensive set of changes to the Internal Revenue Code since 1986. The following analysis highlights most of the new domestic provisions and summarizes their expected treatment for Mississippi income tax purposes, assuming that current Mississippi law, regulations, policies and interpretations remain in effect. However, it is possible that for those areas where there is no clear statutory or regulatory guidance, the Mississippi Department of Revenue ("MDOR") may take a different policy position from what is stated below. This is, of course, only a summary and reference should be made to the actual language of the Act or the Mississippi rules, as the case may be, if more clarity is desired. Note, however, this summary does incorporate MDOR's positions as to selected provisions of the Act as described in a notice dated May 7, 2018 (attached hereto as Appendix A).
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.