2014 Legislative Update

2014 Legislative Update

Posted in the Lucedale Forum

“John 3:16”

Since: Sep 09

Location hidden

#1 Mar 3, 2014
The Mississippi Legislature has made progress on several bills concerning Mississippi's business laws. Below is an update on the bills the Mississippi Secretary of State's Office is monitoring:
Uniform Trust Code - Adopted in over half the states, the Uniform Trust Code provides guidelines where none currently exist and creates a uniform, easy-to-find set of rules and body of trust law.
*SB 2727 (sponsored by Sen. Sean Tindell) passed the Senate and has been referred to the House Judiciary A committee for further consideration.
Trust Decanting - Currently, twenty (20) states have adopted decanting laws for trusts. The bill would allow an authorized trustee to move assets from one irrevocable trust to another, if trust provisions become outdated or obsolete.
*HB 917 (sponsored by Rep. Trey Lamar) passed the House and has been referred to the Senate Judiciary A committee for further consideration.
Rule Against Perpetuities for Mississippi Trusts - Would allow the settlor to opt out of the common law rule in favor of having the trust last no longer than 360 years. The bill also provides for distribution of assets at the end of the trust term.
**HB 891(sponsored by Rep. Mark Baker) passed the House and is currently on the Senate calendar for consideration.
Qualified Disposition Trust - Would allow individuals to create a qualified disposition trust in Mississippi. The proposal changes current law by allowing a self-settled trust to receive limited creditor protection. The bill contains various exceptions to prevent fraud and to protect child support and alimony recipients. The bill also requires the settlor to hold a general liability insurance policy in an amount no less than $1-million, and a professional liability policy if applicable.
*HB 846 (sponsored by Rep. Trey Lamar) passed the House and has been referred to the Senate Judiciary A committee for further consideration.
Headquarters Relocation Tax Credit - Provides a tax credit in the amount of actual relocation costs incurred by a business relocating its corporate headquarters to the State of Mississippi.
***HB 785 (sponsored by Rep. Jeff Smith) passed the House and has been transmitted to the Senate. SB 2152 (sponsored by Sen. Joey Fillingane) died in the Senate Finance committee.
Expansion Relocation Tax Credit - Provides a tax credit in the amount of actual relocation costs to existing businesses expanding labor forces in the State of Mississippi. The businesses must qualify for the jobs tax credit provided in the Economic Development Reform Act and relocate employees to the State of Mississippi from outside the State.
***HB 784 (sponsored by Rep. Jeff Smith) passed the House and has been transmitted to the Senate. SB 2006 (sponsored by Sen. Joey Fillingane) died in the Senate Finance committee.

“John 3:16”

Since: Sep 09

Location hidden

#2 Mar 3, 2014
Employee Pass-Through Jobs Tax Credit - Allows a business receiving a jobs tax credit to pass all, or a portion, to one or more employees of the company in lieu of claiming the credit at the business level.
***HB 778 (sponsored by Rep. Jeff Smith) passed the House and has been transmitted to the Senate. SB 2107 (sponsored by Sen. Joey Fillingane) died in the Senate Finance committee.
Mississippi Entity Conversion and Domestication Act - Provides a single step process to either allow a business entity organized in another state to reorganize in Mississippi (domestication) or convert into another type of entity formation (conversion).
**SB 2322 (sponsored by Sen. Sally Doty) passed the Senate and is currently on the House calendar for consideration.
Name Reservation/Registration Amendment - Harmonizes name reservation across all business entity types by repealing name registration for foreign corporations and non-profits and repealing the sixty (60) day waiting period for re-reservations of LLCs and LPs. Under the proposal, all business entities may reserve a name for six (6) months. The business entity may renew the reservation within thirty (30) days of expiration. Upon expiration, anyone may reserve the name.
**SB 2511(sponsored by Sen. Sally Doty) passed the Senate and is currently on the House calendar for consideration.
Updates to the Mississippi Agricultural Marketing Cooperative Statutes - Mississippi's Agricultural Marketing Cooperative statutes are antiquated. The bill provides cooperatives greater ability to do business with nonmembers, and gives directions for dissolution and the approval of bylaws.
**HB 914 (sponsored by Rep. Bobby Howell) passed the House and is currently on the Senate calendar for consideration.**SB 2418 (sponsored by Sen. Eugene "Buck" Clarke) passed the Senate and is currently on the House calendar for consideration.
Tax-Forfeited Property Bill - Allows corporations to purchase tax-forfeited land from the State, increasing the pool of potential purchasers. The bill also caps the amount of tax forfeited land a corporation can purchase at 160 acres per year.
**SB 2394 (sponsored by Sen. David Blount) passed the Senate and is currently on the House calendar for consideration.

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