MS HB1578

Increases the cumulative value exemption for tangible personal property (household goods, motor vehicles, tools, cash, health aids, and items under $200 each) from $10,000 to $25,000.

Doubles the exemption for mobile homes, trailers, or manufactured housing used as primary residence from $15,000 to $30,000, with existing liens deducted from actual value.

Increases the additional exemption for Mississippi residents age 70 and older from $50,000 to $100,000 of any type of property, and allows each spouse to claim separately for a combined total of $200,000.

Maintains existing exemptions for insurance proceeds, disability income, retirement plans, 529 college savings plans, health savings accounts, and tax refunds and earned income tax credits (capped at $5,000 each).

Takes effect July 1, 2013.