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MS HB1249
Bill
Status
Failed
2/24/2010
Primary Sponsor
Bob Evans
Click for details
AI Summary
- Amends Section 27-7-5 of the Mississippi Code to create a new tax bracket structure effective January 1, 2010
- Establishes a six percent tax rate on all taxable income in excess of $15,000 (previously the top rate of five percent applied to income over $10,000)
- Creates an additional five percent tax bracket on taxable income between $10,000 and $15,000
- Applies the old tax rate structure through the 2009 calendar year and implements the new structure for 2010 and thereafter
- Provides transition rules for taxpayers with fiscal years that span the 2009-2010 calendar year change, calculating tax using a pro-rata method
Legislative Description
Income tax; increase rate of.
Last Action
Died In Committee
2/24/2010
Full Bill Text
No bill text available