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MS SB2678
Bill
AI Summary
- Amends Section 27-7-5 of Mississippi Code to create new income tax brackets effective January 1, 2010
- Establishes a six percent tax rate on all taxable income in excess of $15,000, up from the previous five percent rate on income over $10,000
- Maintains three percent rate on first $5,000 of income and four percent rate on next $5,000, adds five percent rate on income between $10,000 and $15,000
- Provides transition rules for taxpayers with fiscal years beginning in 2009 and ending after January 1, 2010, requiring apportionment of tax between old and new rate structures
Legislative Description
Income tax; increase rate of tax.
Last Action
Died In Committee
2/24/2010
Full Bill Text
No bill text available