MS HB137

Allows self-employed individuals to deduct one-half of federal self-employment taxes paid as an adjustment to gross income under Mississippi state income tax law.

Implements a phase-in period: 2015 limits deduction to one-third of one-half of federal self-employment taxes; 2016 limits to two-thirds of one-half; 2017 and thereafter allows full one-half deduction.

Amends Section 27-7-18 of the Mississippi Code of 1972 to add this new deduction authority as subsection (6).

Takes effect January 1, 2015.

Does not affect any tax claims, assessments, appeals, or suits for taxes that accrued before the effective date.