Mississippi HB489 excludes payments for property taken by eminent domain from gross income for state income tax purposes.
Mississippi HB489 amends the state income tax law to exclude from gross income amounts received as payment for compensation or damages for property taken by eminent domain or condemnation, provided the property was purchased at least five years before it is taken for disaster or emergency-related work. This change aims to provide relief to taxpayers affected by eminent domain actions, ensuring that such payments are not included in their taxable income. The bill specifies that the exclusion does not apply if the property was purchased less than five years before being taken.
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