Mississippi Principal and Income Act of 2013; revise provisions relating to partial liquidation.

HB 991 amends Mississippi's trust accounting rules to clarify how trustees handle money received from entities during partial liquidations (when an entity sells part of its assets). It requires trustees to reallocate a portion of funds initially classified as "principal" (trust assets) to "income" (current earnings) to cover federal and state income taxes on those distributions. This directly affects trustees managing trusts and their beneficiaries when trusts receive such payments from entities like corporations or investment funds. The change simplifies tax handling by mandating that tax costs be covered from the principal allocation, rather than adding to the beneficiary's tax burden. The bill focuses solely on procedural trust accounting adjustments without creating new programs or altering broader tax policy.