Mississippi Secretary of State Jilbert Hosemann issued the following press release concerning his legislative agenda:
he 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.
- 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bill would allow an authorized trustee to move assets from one irrevocable trust to another, if trust provisions become outdated or obsolete.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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).
- 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.
- 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.
- 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.
If you would like to track the status of these bills, you may visit http://billstatus.ls.state.ms.
*Indicates the bill is subject to a March 4 deadline for committee action on a bill originating in the opposite house.
**Indicates the bill is subject to a March 12 deadline for floor action on a bill originating in the opposite house.
***Indicates the bill is subject to a March 18 deadline for floor action on a bill originating in its opposite house.
3 comments:
HB 914 - watch this one...wonder why it's there? Wonder where all that Madison acreage from bond defaults is going to go? It was all striken to the state. Watch the companies and who owns the companies buy up cheap real estate like you've never seen....
Keep a tab on that one KF
who gives a damn. Dilbert is just being dilbert - taking credit for anything that he thinks falls close to the purvue of the SOS office.
Dilbert is nothing but a bag of hot air crying because Thad decided to run again therefore denying him of what was rightfully his. So he and his 'girl' issue press releases trying satisfy his need to look important.
But JJ, we all realize that he is a loyal advertiser. Y'all keep on playing the game that anybody cares.
"PurvIEW," not "purvue." Your phonetics are on track, but the spelling of English words has been standardized for some centuries now (with little effect, alas, for commenters here). And while your imagery is entertaining, 9:38, I'm not sure I want to envisage a "bag of hot air crying." I like my cocktails mixed...my metaphors, not so much.
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