MS HB1547

Newly licensed physicians (licensed less than one year) practicing and residing in critical physician shortage areas designated by the Mississippi Rural Physicians Scholarship Commission may exclude income exceeding $100,000 from gross income taxation.

The income exclusion may be utilized for up to ten consecutive years if the physician continues to practice and reside in a critical shortage area for that entire period.

The Department of Revenue shall promulgate rules and regulations to implement the program and must provide annual reports by March 15 each year detailing the financial impact to the general fund and significance to health care delivery.

The exemption applies only to income derived from providing medical services in the designated critical shortage areas and does not apply to other sources of income.

The act takes effect July 1, 2012 and is known as the "Mississippi Critical Physician Shortage Incentive Act of 2012."