MS HB70

Amends Mississippi Code Section 27-7-18 to allow self-employed individuals to deduct one-half of federal self-employment taxes paid as an adjustment to gross income.

Phases in the deduction over three years: one-third of one-half in 2011, two-thirds of one-half in 2012, and the full one-half amount from 2013 forward.

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

Becomes effective January 1, 2011.