Mississippi § 27-7-1005 - Distributions from catastrophe savings accounts.
Full text of Mississippi Mississippi Code of 1972 Annotated § 27-7-1005 — Distributions from catastrophe savings accounts., with citation guidance and answers to common questions.
§ 27-7-1005. Distributions from catastrophe savings accounts.
A distribution from a catastrophe savings account shall be included in the taxable gross income of the taxpayer unless the amount of the distribution is used to pay qualified catastrophe expenses. No amount of a distribution shall be included in the taxable gross income of the taxpayer if the qualified catastrophe expenses of the taxpayer during the taxable year are equal to or greater than the aggregate distributions during the taxable year. If the aggregate distributions exceed the qualified catastrophe expenses during the taxable year, the amount otherwise included in the taxable gross income of the taxpayer shall be reduced by the amount of the distributions for qualified catastrophe expenses. The tax paid under Section 27-7-5 that is attributable to a taxable distribution shall be increased by two and one-half percent (2-1/2%) of the amount of the distribution that is includable in the taxable gross income of the taxpayer. The additional tax imposed by this subsection does not apply if either of the following apply: The taxpayer no longer owns a legal residence that qualifies for homestead exemption under Section 27-33-1 et seq.; or The distribution is from a catastrophe savings account conforming with Section 27-7-1003(3)(c) and is made on or after the date on which the taxpayer attains the age of seventy (70) years. If a taxpayer who owns a catastrophe savings account dies, the amount of money in his or her account shall be included in the taxable gross income of the person who receives the account, unless that person is the surviving spouse of the taxpayer. Upon the death of the surviving spouse, the amount of money in the account shall be included in the taxable gross income of the person who receives the account. The additional tax imposed in subsection (4) of this section does not apply to a distribution from the account upon the death of the taxpayer or the surviving spouse.
Source: official Mississippi text · Last verified 2026-08-27
Frequently Asked Questions About Mississippi § 27-7-1005
What does Mississippi Code of 1972 Annotated § 27-7-1005 cover?
Section 27-7-1005 ("Distributions from catastrophe savings accounts.") is part of the Mississippi Code of 1972 Annotated, the codified statutory law of Mississippi. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Mississippi § 27-7-1005?
A common citation format is "Mississippi Code of 1972 Annotated § 27-7-1005" (Mississippi). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Mississippi law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Mississippi official source linked on this page or consult a licensed Mississippi attorney.
How does Mississippi § 27-7-1005 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Mississippi can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Mississippi.