MS HB953

Amends Mississippi Code Section 27-7-15 to exclude overtime compensation required by the Fair Labor Standards Act from the definition of "gross income" for state income tax purposes.

Adds new paragraph (gg) to the list of income items exempt from taxation, specifically covering overtime compensation as defined under the Fair Labor Standards Act of 1938 (29 USCS Section 201 et seq.).

Effective date is January 1, 2011.

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