Bryant signs law changing Miss. tax practices

Gov Phil Bryant has signed a new law that changes how Mississippi state government collects taxes.

Bryant signed the bill Thursday at the annual meeting of the Mississippi Economic Council. That state chamber of commerce was a prime force in lobbying for changes.

A key part of the bill could make it harder for the state to rule that multistate corporations are paying too little in taxes to Mississippi. It says the Department of Revenue would have to present clear and convincing proof before it could reallocate how a company splits its income among states, and only do so in “limited and unique, nonrecurring circumstances.”

Also Thursday, Bryant held a ceremony to promote two laws he signed in March. One aims to fix a tax problem that has harmed McKesson Corp.’s drug distribution facility in Olive Branch. The second law creates a $1 million corporate income tax credit to cover moving expenses for companies that relocate their headquarters to Mississippi.

Meridian Star