MS HB992

Exempts income above $100,000 from gross income taxation for newly licensed physicians and nurse practitioners who practice and reside in critical physician shortage areas designated by the Mississippi Rural Physicians Scholarship Commission.

Defines "newly licensed physician" as one licensed for less than one year or who completed post-graduate residency/fellowship training within the past year, and "newly licensed nurse practitioner" as one certified for less than one year.

Allows the exemption to be utilized for ten consecutive years if the physician or nurse practitioner practices and resides in a critical shortage area for that full period.

Requires the Department of Revenue to promulgate rules and regulations for implementation and provide annual reports by March 15 of each year detailing the financial impact to the General Fund and healthcare delivery significance.

Effective July 1, 2013, and repeals June 30, 2023 (creating a ten-year sunset provision).