MS HB1563

Exempts newly licensed physicians and nurse practitioners practicing in critical physician shortage areas from state income tax on any earned income exceeding $100,000 per year derived from medical services in those areas.

Defines "critical physician shortage areas" as regions designated as rural or underserved by the Mississippi Rural Physicians Scholarship Commission.

Limits exemption eligibility to physicians who completed residency/fellowship training within the previous year and nurse practitioners certified within the previous year.

Allows the exemption to be claimed for up to ten consecutive years if the physician or nurse practitioner continues to practice and reside in a shortage area for that entire period.

Requires the Department of Revenue to file annual reports by March 15th detailing the financial impact to the General Fund and effect on healthcare delivery; takes effect July 1, 2014.