Loading chat...
MS SB2435
Bill
AI Summary
- Amends Mississippi income tax rates effective for calendar year 2015 and thereafter, reducing the top rate from 5% to 4%
- Maintains 3% tax rate on the first $5,000 of taxable income for all residents and entities
- Changes tax on income exceeding $5,000 to a flat 4% rate, eliminating the previous 4% bracket on income between $5,000-$10,000 and the 5% bracket on income over $10,000
- Provides transition rules for taxpayers with fiscal years beginning in 2014 and ending after January 1, 2015, requiring prorated calculation using both 2014 and 2015 tax rates
- Takes effect July 1, 2014
Legislative Description
Income tax; reduce the rate of tax.
Last Action
Died In Committee
2/26/2014
Committee Referrals
Finance1/20/2014
Full Bill Text
No bill text available