- Estate Tax is imposed on the value of a decedents estate when the total gross estate exceeds the available exemption amount.
- The available exemption increases on the same schedule as the federal exemption to $1,000,000 in 2002.
- For the years 2002 but before 2005, the exemption amount will follow the federal exclusion under 26 USC 2010.
- For the estate of decedents dying after 2004, the state death tax credit is replaced with a deduction for state death taxes. Therefore, as of January 1, 2005, no estate tax return is required for decedents dying on or after January 1, 2005 for the State of Mississippi.
- For decedents dying prior to January 1, 2000 - The estate tax due is the higher of the State Death Tax Credit as calculated on the federal estate tax return, or the tax calculated from the Mississippi table.
- For decedents dying on or after January 1, 2000 - The tax due is the maximum amount of state death tax credit allowable as a credit or deduction for federal purposes. The return must be filed on form number 94-103
- Mississippi has an unlimited marital deduction for decedents dying after October 1, 1988.
- Mississippi does not have an inheritance tax nor a gift tax.
- ExtensionThe executor must complete a 60 Day Notice and Extension Request (form 94-100). Approximate values may be used for the valuation of assets requested on the Notice. The extension request must also include a brief statement detailing the reasons the return cannot be filed by the due date.
- The return is due 9 months from the date of death.
- 94-100 - 60 Day Notice and Extension Request
- 94-101 - Estate Tax Return
- 94-103 - Estate Tax Return for
Decedents Dying On or After January 1, 2000
Laws and Regulations
The tax laws administered by the Mississippi Department of Revenue may be found at Mississippi Code at Lexis Publishing.
- Estate Tax Laws, Title 27, Chapter 9, Mississippi Code Annotated (27-9-1)
- Uniform Estate Tax Apportionment Act, Title 27, Chapter 10, Mississippi Code Annotated (27-10-1)