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

This bill amends Mississippi's trust law to clarify how trustees handle money received during an entity's partial liquidation (e.g., when a corporation sells part of its assets). It defines "partial liquidation" as either an entity explicitly stating it's partial or when distributions exceed 20% of the entity's total assets. Crucially, it requires trustees to reallocate a portion of such funds from "principal" to "income" to cover federal and state income taxes triggered by the distribution. This affects trustees managing trust assets who receive payments from entities like corporations or real estate investment trusts (REITs) during partial liquidations.