MS HB1034

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

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

Maintains existing exemptions for insurance proceeds, disability income, retirement accounts, education savings plans, and health savings accounts.

Exempts all state property from seizure for out-of-state income tax claims on pension or retirement plan benefits.

Takes effect July 1, 2014.