MS HB259

Amends Mississippi Code Section 27-7-18 to allow self-employed individuals to deduct one-half of federal self-employment taxes paid as an adjustment to gross income.

For tax year 2014, the deduction is limited to one-third of one-half of federal self-employment taxes; for 2015, limited to two-thirds of one-half; and for 2016 and thereafter, the full one-half deduction is allowed.

Does not affect any tax claims, assessments, appeals, or lawsuits for taxes accrued before the act's effective date.

Takes effect January 1, 2014.