35 Miss. Admin. Code Pt. IV, Subpt. 1, Ch. 06 — Definitions

100 Credit for tax paid to another state - An individual, who imports property into
Mississippi, is entitled to a tax credit for taxes paid to another state at either the state or
local level or both. The tax credit is the smaller of either the amount of Mississippi use
tax due or the total amount of tax properly paid in another state. For sales tax to be
properly paid to another state, the situs of the sale must be that state, and for use tax to be
properly paid, first use must occur in that state. Also, any sales or use tax claimed as a
credit must have been levied by a state or local taxing authority. The individual must
provide an invoice or other evidence that clearly and correctly shows the amount of tax as
a separate item to support the credit for taxes paid to another state.
101 Value - For sales tax purposes, the term "value" as used in Miss. Code Ann. Section 27 -
65-3(h) means the entire cost of goods, wares, merchandise or property that is withdrawn
from the inventory or stock of a business for use, either personal use or for use in the
performance of a job or service. The entire cost includes the cost of materials, labor,
overhead or any other similar costs that are incurred in delivering the property to the
point of use and which would otherwise contribute to the sales price of such property if it
were not converted to use.
102 Value - For use tax purposes, the term "value" as used in Miss. Code Ann. Section 27 -
67-3(h) means the estimated or assessed monetary worth of a thing or property. The
value of property transferred into this state for sales promotion or advertising shall not be
less than the cost paid by the person who transfers the property or who donates the
property. The value of property that is brought into this state when the property has been
used in another state is determined by its cost less straight line depreciation; however, the
value cannot be less than twenty percent (20%) of the cost. Any other method of
determining value may be used when such method is acceptable to the Commissioner.
The value of property imported by the manufacturer of such property for rental or lease in
this state is the manufactured cost of the property.
103 Person - For sales tax purposes, t he term "person" shall mean any individual, firm,
copartnership, joint venture, association, corporation, promoter of a temporary event,
estate, trust or other group or combination acting as a unit, and includes the plural as well
as the singular in number. "Person" shall also include husband or wife, or both, where
they may jointly benefit from the operation of a business that is subject to sales tax.
"Person" shall also include any state, county, municipality or other political subdivision
and any agency, institution or instrumentality thereof engaging in a business that is
subject to sales tax.
104 Person - For use tax purposes, the term "person" shall mean any individual, firm,
partnership, joint venture, association, corporation, estate, trust, receiver, syndicate or any
other group or combination acting as a unit and includes the plural as well as the singular
in number. "Person" shall also include husband or wife, or both, where joint benefits are
derived from the operation of a business that is subject to use tax or where joint benefits
are derived from the use of property that is subject to use tax.
105 (Reserved)
35.IV.01.06 revised effective September 1, 2018.