MS HB20

Amends Mississippi Code Section 27-7-15 to exclude overtime compensation required by the Fair Labor Standards Act of 1938 from the definition of "gross income" for state income tax purposes.

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

Applies retroactively to the 2012 taxable year and all subsequent years.

Does not affect tax claims, assessments, or actions for taxes accrued before the effective date of January 1, 2012.