Bill Text: MS SB2589 | 2015 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Sale of property by nonresident; require seller to withhold for income taxes rather than the buyer.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2015-04-20 - Approved by Governor [SB2589 Detail]

Download: Mississippi-2015-SB2589-Introduced.html

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MISSISSIPPI LEGISLATURE

2015 Regular Session

To: Finance

By: Senator(s) Fillingane

Senate Bill 2589

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; AND FOR RELATED PURPOSES.

     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trade of property and results in gross proceeds greater than One Hundred Thousand Dollars ($100,000.00) to a seller, is repealed.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, 2015.