SEC. 27-7-18. Adjustments to gross income; alimony payments; unreimbursed moving expenses; payments for medical insurance by self-employed individuals.

(1) Alimony payments. In the case of a person described in Section 27-7-15(2)(e), there shall be allowed as a deduction from gross income amounts paid as periodic payments to the extent of such amounts as are includible in the gross income of the spouse as provided in Section 27-7-15(2)(e), payment of which is made within the person's taxable year.

(2) Unreimbursed moving expenses incurred after December 31, 1994, are deductible as an adjustment to gross income in accordance with provisions of the United States Internal Revenue Code, and rules, regulations and revenue procedures thereunder relating to moving expenses, not in direct conflict with the provisions of the Mississippi Income Tax Law.

(3) Amounts paid after December 31, 1998, by a self-employed individual for insurance which constitute medical care for the taxpayer, his spouse and dependents, are deductible as an adjustment to gross income in accordance with provisions of the United States Internal Revenue Code, and rules, regulations and revenue procedures thereunder relating to such payments, not in direct conflict with the provisions of the Mississippi Income Tax Law.

(4) Contributions or payments to a Mississippi Affordable College Savings (MACS) Program account are deductible from gross income as provided in Section 7, Senate Bill No. 2298, 2000 Regular Session. Payments made under a prepaid tuition contract entered into under the Mississippi Prepaid Affordable College Tuition Program are deductible as provided in Section 37-155-17.

SOURCES: Laws, 1979, ch. 302, Sec. 3; 1986, ch. 393, Sec. 2; 1987, ch. 423, Sec. 4; 1991, ch. 524, Sec. 12, eff from and after January 1, 1991. Laws, 1995, ch. 346, Sec. 2, eff from and after January 1, 1995; Amended by Laws 1999, Ch. 423, Sec. 1, eff. January 1, 1999. Laws 2000, Ch. 473, Sec. 18, SB2298, eff. January 1, 2000.
 

PREVIOUS VERSIONS: Pre-2000