MS SB2977

Exempts newly licensed physicians (licensed less than one year) from state income tax on medical service income exceeding $100,000 if they practice and reside in critical physician shortage areas designated by the Mississippi Rural Physicians Scholarship Commission.

The tax exemption is available for up to ten consecutive years if the qualifying physician practices and resides in a shortage area for that full period.

Amends Section 27-7-15 of the Mississippi Code to add the physician income exemption as a new exclusion from gross income for state tax purposes.

Requires the Department of Revenue to provide annual reports by March 15 each year to legislative committees detailing the financial impact to the general fund and significance to healthcare delivery.

Effective July 1, 2014.