MS HB449

Allows self-employed individuals to deduct one-half of federal self-employment taxes paid as an adjustment to gross income under Mississippi state income tax law.

For 2010, the deduction is limited to one-third of one-half of federal self-employment taxes; for 2011, limited to two-thirds of one-half; and for 2012 and thereafter, the full one-half deduction is allowed.

Amends Section 27-7-18 of the Mississippi Code of 1972 to add this new deduction provision as subsection (6).

Takes effect January 1, 2010.

Does not affect any tax claims, assessments, or actions accrued before the effective date.