Mississippi

No Mississippi estate tax return for deaths on or after Jan 1 2005; no inheritance or gift tax

“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.”

Note: dor.ms.gov serves an incomplete TLS chain; fetched via curl -k. Page cites Miss. Code Ann. tit. 27 ch. 9.

Mississippi income tax: 0% to $10,000 then 4.4% flat (TY2025), declining to 3.0% by TY2030

“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.”

Note: The $10,000 zero bracket applies per-spouse on a combined return: two spouses each exempt $10,000 = $20,000 combined. Rate schedule: 4.4% (TY2025) → 4.0% (TY2026) → 3.0% (TY2030). Mississippi uses federal §1222 netting and $3,000 annual limit per form instructions (statute carryforward mechanics sourced from instructions, MEDIUM).

IRC §1212(b): capital losses carry forward only for non-corporate taxpayers; no carryback

“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.”

Note: IRC §1212(b) limits non-corporate taxpayers to carrying losses forward only ('succeeding taxable year'). IRC §1212(a), which allows a 3-year carryback, applies only to corporations. For conformity states, the federal carryforward amount flows to the state return unchanged.

MS exempts MS-issued bonds; out-of-state muni bond interest is taxable per Miss. Code Ann. §27-7-15

“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.”

MS exempts MS-issued bonds; out-of-state muni bond interest is taxable per Miss. Code Ann. §27-7-15

“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.”

Mississippi does not conform to IRC §1400Z-2 QOZ gain deferral and exclusion (§27-7-9 has no QOZ provision; every conformity bill died in committee)

“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”

Note: Mississippi employs piecemeal federal conformity; the full §27-7-9 text (reproduced in SB2966, 2023) contains zero occurrences of 'opportunity' or '1400Z', so QOF gain deferrals are not recognized and the gain is taxable in the year of the federal election. In-state-only conformity was proposed and died three times: HB1704 (2019, died in committee 02/27), HB133 (2022, died 02/23), HB1996 (2026, died 02/25), all per billstatus.ls.state.ms.us. The codified code itself is hosted behind LexisNexis, so the bring-forward bill text is the closest fetchable official source.

Mississippi does not conform to IRC §1202 QSBS gain exclusion

“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.”

Note: The Mississippi DOR FAQ states long-term capital gains are taxable income, with the sole gain exemption being shares in Mississippi-domiciled financial institutions. No IRC §1202 QSBS exclusion appears: Mississippi uses piecemeal federal conformity and neither §27-7-5 nor §27-7-9 adopts §1202, so federally excluded QSBS gain is fully taxable. The codified statute sits behind LexisNexis, so the DOR FAQ is the quotable primary source.

Mississippi subtraction for U.S. obligation interest requires exemption from state income taxation under federal law; FNMA and FHLMC have no such federal bondholder exemption

“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.”

Note: Miss. Code Ann. §27-7-15 requires the interest be 'exempt from state income taxes under the laws of the United States.' FNMA (12 U.S.C. §§1719(e), 1723a(c)) and FHLMC (12 U.S.C. §1455(a)) have no bondholder exemption statute. Mississippi uses piecemeal IRC conformity; no MS DOR named-entity publication found for FNMA/FHLMC. URL points to MS DOR exemptions page; direct §27-7-15 permalink at mslegislature.gov was inaccessible during research.

Mississippi income tax: 0% to $10,000 then 4.4% flat (TY2025), declining to 3.0% by TY2030

“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.”

Note: The $10,000 zero bracket applies per-spouse on a combined return: two spouses each exempt $10,000 = $20,000 combined. Rate schedule: 4.4% (TY2025) → 4.0% (TY2026) → 3.0% (TY2030). Mississippi uses federal §1222 netting and $3,000 annual limit per form instructions (statute carryforward mechanics sourced from instructions, MEDIUM).

U.S. Treasury interest exempt from Mississippi income tax: 31 U.S.C. §3124(a) prohibits state taxation of U.S. government obligations

“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.”

Note: 31 U.S.C. §3124(a) preempts state income taxation of U.S. government obligations. Covers T-bills, T-notes, T-bonds, TIPS, and I-bonds. Most states allow a deduction or subtraction by statute cross-referencing this federal preemption.

FHLB and FFCB bond interest exempt from Mississippi income tax: federal enabling statutes mandate state tax exemption

“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.”

Note: 12 U.S.C. §1433 (FHLB) and 12 U.S.C. §2023 (FFCB/Farm Credit Act) both mandate state tax exemption for securities issued under their chapters. Contrasts with FNMA (12 U.S.C. §§1719(e), 1723a(c)) and FHLMC (12 U.S.C. §1455(a)) which have no bondholder exemption statute and whose interest is taxable by income-tax states.

Farm Credit Act: notes, bonds, debentures, and other obligations of Farm Credit Banks are instrumentalities of the United States exempt from all State, municipal, and local taxation

“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).”

Note: 12 U.S.C. §2023 explicitly covers 'the income therefrom' (i.e., interest payments to bondholders), exempting it from all State and local taxation. The only carve-out is federal income tax on the holder. Parallel to 12 U.S.C. §1433 (FHLB Act), which exempts FHLB securities from state taxation. Together §1433 and §2023 mandate state and local tax exemption for both FHLB and FFCB bond interest. Shared across all jurisdictions: a single object reference satisfies buildCitationIndex() identity check.

IRC §1212(b): capital losses carry forward only for non-corporate taxpayers; no carryback

“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.”

Note: IRC §1212(b) limits non-corporate taxpayers to carrying losses forward only ('succeeding taxable year'). IRC §1212(a), which allows a 3-year carryback, applies only to corporations. For conformity states, the federal carryforward amount flows to the state return unchanged.

Mississippi income tax: 0% to $10,000 then 4.4% flat (TY2025), declining to 3.0% by TY2030

“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.”

Note: The $10,000 zero bracket applies per-spouse on a combined return: two spouses each exempt $10,000 = $20,000 combined. Rate schedule: 4.4% (TY2025) → 4.0% (TY2026) → 3.0% (TY2030). Mississippi uses federal §1222 netting and $3,000 annual limit per form instructions (statute carryforward mechanics sourced from instructions, MEDIUM).

Mississippi income tax: 0% to $10,000 then 4.4% flat (TY2025), declining to 3.0% by TY2030

“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.”

Note: The $10,000 zero bracket applies per-spouse on a combined return: two spouses each exempt $10,000 = $20,000 combined. Rate schedule: 4.4% (TY2025) → 4.0% (TY2026) → 3.0% (TY2030). Mississippi uses federal §1222 netting and $3,000 annual limit per form instructions (statute carryforward mechanics sourced from instructions, MEDIUM).

Mississippi conforms to the federal capital-loss base; treatment of an imported pre-residency section 1212 carryforward is a structural inference

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

Note: The Mississippi DOR FAQ states Mississippi generally follows the federal rules governing capital losses, so the federal section 1212 capital-loss base carries through. No published guidance addresses the imported pre-residency carryforward; that piece stays a structural inference.