2 Miss. Code. R. 1-3-13-110.05
A farm operator may apply for a waiver requesting delayed payment of assessments under conditions of financial hardship. Any farm operator applying for a waiver shall make application in writing to the Commissioner on a form prescribed by the Commissioner. No exemption of penalties shall be granted to any cotton grower who after the 7 amount of assessments and penalties otherwise due has been subtracted from his taxable net income, has a net income exceeding fifteen thousand dollars ($15,000.00) for the year in which he seeks an exemption. "Taxable net income" shall have the same meaning as "net income" defined in Miss. Code Ann. Section 27-7-13/Title 27 Taxation and Finance/Chapter 7 Income Tax and Withholding/Article I as follows: "Net income means the gross income as defined therein, less allowable expenses incurred in the taxpayer's regular trade or profession." However, be it further noted that a taxpayer's regular trade or profession shall, in the case of a cotton grower, not be limited to farming, whereby net profit shown on Schedule F of the Federal Tax Return is not his/her only source of income. Taxable net income shall be considered the amount shown on Form 1040, 1040A or 1040EZ as "taxable income" after all allowed expenses, deductions and adjustments are made to gross income regardless of whether the tax return has been filed jointly or in partnership. However, cotton growers who have sold real estate or other assets within the last tax year to pay farming debts in order to avoid bankruptcy may request in writing an additional adjustment to taxable net income. In such case, the amount of indebtedness expended toward being debt free during the taxable year may be subtracted from taxable net income in addition to assessments owed and penalties otherwise due. In support of such, applicable tax documents and a letter of support from the grower's banking or financial institution must be submitted explaining the sale of such assets to avoid filing bankruptcy proceedings. Failure to pay assessments or file a completed waiver request for delayed payment on or before September 15 of the current growing season will result in a lien placed on the crop until the assessments are paid. The decision whether or not to waive all or part of these requirements shall be made by the Certified Cotton Growers Association and notification given to the farm operator within two weeks after receipt of such application.
2 Miss. Code. R. 1-3-13-110.05