MS HB1550

Establishes the "Mississippi Critical Physician Shortage Incentive Act of 2012" to attract and retain newly licensed physicians in rural or underserved areas designated by the Mississippi Rural Physicians Scholarship Commission.

Exempts income above $100,000 annually from gross income taxation for newly licensed physicians (licensed less than one year) who practice and reside in critical physician shortage areas.

Allows the exemption to be claimed for ten consecutive years if the physician continues to practice and reside in a shortage area during that entire period.

Requires the Department of Revenue to promulgate rules and regulations to implement the tax exemption.

Takes effect July 1, 2012, and amends Mississippi Code Section 27-7-15 to add the physician income exemption to the list of excluded gross income items.