MS HB241

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

For 2012, the deduction is limited to one-third of one-half of federal self-employment taxes; for 2013, limited to two-thirds of one-half; and for 2014 and thereafter, the full one-half deduction is allowed.

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

Becomes effective January 1, 2012.