Mississippi SB3191 aims to exclude processing or interchange fees from the definition of "gross proceeds of sales.
Mississippi SB3191 amends the definition of "gross proceeds of sales" to exclude the amount of any debit card, credit card, or other processing or interchange fee charged for an electronic payment transaction. This change aims to clarify the scope of taxable sales by excluding certain fees from the gross proceeds calculation. The bill also includes definitions for terms such as "tangible personal property," "gross income," and "newspaper," among others, to ensure consistent application of the tax code. The act is set to take effect from July 1, 2026.
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