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MS HB175
Bill
Status
Failed
2/23/2011
Primary Sponsor
Bob Evans
Click for details
AI Summary
- Amends Mississippi Code Section 27-7-5 to increase the top state income tax rate from 5% to 6% for taxable years beginning January 1, 2011 and thereafter
- Establishes new four-tier tax rate structure for 2011 and beyond: 3% on first $5,000 of taxable income, 4% on next $5,000, 5% on next $5,000, and 6% on all income exceeding $15,000
- Maintains existing three-tier rate structure (3%, 4%, 5%) through the 2010 calendar year
- Applies a proration method for taxpayers with fiscal years spanning December 31, 2010 to calculate taxes under both the old and new rate structures
- Takes effect January 1, 2011
Legislative Description
Income tax; increase rate of.
Last Action
Died In Committee
2/23/2011
Full Bill Text
No bill text available