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Mississippi recently passed a SALT cap workaround in the form of a flow-through entity election. H.B. 1691 authorizes certain pass-through entities to pay an entity-level income tax in lieu of the partners/owners paying income tax on those amounts at the individual level
Mississippi recently passed a Entity Income Tax Election/SALT cap workaround in the form of a flow-through entity election, the bill has several grey areas and questions that will need to be addressed through Department of Revenue guidance or possible technical corrections.