MS HB1577

Amends Section 27-7-15 of the Mississippi Code to exclude overtime compensation required by the Fair Labor Standards Act of 1938 from the definition of "gross income" for state income tax purposes.

Adds paragraph (ff) to the list of income items exempt from taxation, specifying that amounts received as overtime compensation under the Fair Labor Standards Act (29 USCS Section 201 et seq.) are not included in gross income.

Applies retroactively to January 1, 2010, making the overtime compensation exclusion effective for that taxable year and thereafter.

Does not affect any tax claims, assessments, appeals, or suits for taxes that accrued before the effective date of the act.