MS HB1514

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 new paragraph (gg) to the list of income items exempt from Mississippi state income taxation, specifically covering overtime pay as mandated by federal Fair Labor Standards Act.

Effective date of January 1, 2013.

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