MS HB1254

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

Applies retroactively to the 2014 taxable year and thereafter, effective January 1, 2014.

Does not affect any tax claims, assessments, or liabilities that accrued before the effective date of the act.