Mississippi legislation · 2026 Regular Session
Mississippi HB489: Income tax; exclude payment for property taken by eminent domain from gross income.
Status: Failed, March 17, 2026
AN ACT TO AMEND SECTION 27-7-15, MISSISSIPPI CODE OF 1972, TO EXCLUDE FROM THE DEFINITION OF "GROSS INCOME" FOR PURPOSES OF THE STATE INCOME TAX LAW AMOUNTS RECEIVED AS PAYMENT FOR COMPENSATION OR DAMAGES FOR PROPERTY TAKEN BY EMINENT DOMAIN OR CONDEMNATION AS AUTHORIZED BY LAW, PROVIDED THAT THE PURCHASE DATE FOR THE PROPERTY IS NOT LESS THAN FIVE YEARS BEFORE THE DATE THE PROPERTY IS TAKEN BY EMINENT DOMAIN OR CONDEMNATION; AND FOR RELATED PURPOSES.
What the bill says
An act to amend section 27-7-15, mississippi code of 1972, to exclude from the definition of "gross income" for purposes of the state income tax law amounts received as payment for compensation or damages for property taken by eminent domain or condemnation as authorized by law, provided that the purchase date for the property is not less than five years before the date the property is taken by eminent domain or condemnation; and for related purposes.
From the introduced text:
AN ACT TO AMEND SECTION 27-7-15, MISSISSIPPI CODE OF 1972, TO EXCLUDE FROM THE DEFINITION OF "GROSS INCOME" FOR PURPOSES OF THE STATE INCOME TAX LAW AMOUNTS RECEIVED AS PAYMENT FOR COMPENSATION OR DAMAGES FOR PROPERTY TAKEN BY EMINENT DOMAIN OR CONDEMNATION AS AUTHORIZED BY LAW, PROVIDED THAT THE PURCHASE DATE FOR THE PROPERTY IS NOT LESS THAN FIVE YEARS BEFORE THE DATE THE PROPERTY IS TAKEN BY EMINENT DOMAIN OR CONDEMNATION; AND FOR RELATED PURPOSES. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: SECTION 1. Section 27-7-15, Mississippi Code of 1972, is amended as follows: 27-7-15. (1) For the purposes of this article, except as otherwise provided, the term "gross income" means and includes the income of a taxpayer derived from salaries, wages, fees or compensation for service, of whatever kind and in whatever form paid, including income from governmental agencies and subdivisions thereof; or from professions, vocations, trades, businesses, commerce or sales, or renting or dealing in property, or reacquired property; also from annuities, interest, rents, dividends, securities, insurance premiums, reinsurance premiums, considerations for supplemental insurance contracts, or the *HR31/R9* H. B. No. 489 ~ OFFICIAL ~ R3/5 26/HR31/R9 PAGE 1 (ELS\JAB) transaction of any business carried on for gain or profit, or gains, or profits, and income derived from any source whatever and in …
Sponsors
- Remak, Kimberly (R, 7) · primary sponsor
Latest actions
- : Died In Committee
- : Referred To Finance
- : Transmitted To Senate
- : Passed
- : Title Suff Do Pass
- : Referred To Ways and Means
Votes
- Passed (February 25, 2026): 120 yea, 0 nay, passed
Subjects: Income tax
Common questions
- What is HB489?
- HB489 is a bill in the Mississippi Legislature (2026 Regular Session): Income tax; exclude payment for property taken by eminent domain from gross income.
- What does HB489 do?
- In its own words: An act to amend section 27-7-15, mississippi code of 1972, to exclude from the definition of "gross income" for purposes of the state income tax law amounts received as payment for compensation or damages for property taken by eminent domain or condemnation as authorized by law, provided that the purchase date for the property is not less than five years before the date the property is taken by eminent domain or condemnation; and for related purposes.
- What is the status of HB489?
- Failed as of March 17, 2026. Latest action: Died In Committee (March 17, 2026).
- Who sponsored HB489?
- Remak, Kimberly (R, 7).
- Where is the official record for HB489?
- On the Mississippi Legislature website: http://billstatus.ls.state.ms.us/2026/pdf/history/HB/HB0489.xml
Source: official Mississippi record. Tracked by Delilah, AI for legislation across all 50 states and Congress.