MS HB1712

Increases the joint personal exemption for married persons living together from $12,000 to $15,000 for calendar year 2010.

Beginning in 2011 and each subsequent year, automatically adjusts the married joint personal exemption by a percentage equal to the previous year's Consumer Price Index inflation rate, rounded to the nearest $50.

Increases the dependent exemption for married persons living together to $1,900 for calendar year 2010, with automatic annual adjustments based on the Consumer Price Index inflation rate thereafter, rounded to the nearest $50.

Directs the State Tax Commission Chairman to certify the U.S. inflation rate annually using Consumer Price Index data from the Bureau of Labor Statistics.

Takes effect January 1, 2010, with no impact on tax claims, assessments, or appeals arising before the effective date.