MS HB1587

Increases the annual tax exclusion for National Guard and Reserve Forces compensation from $15,000 to $25,000 for taxable years beginning in 2015 and thereafter.

Members of the National Guard or U.S. Reserve Forces may exclude up to $25,000 in aggregate compensation per taxable year from state gross income for income tax purposes.

The exclusion limit was previously $5,000 through tax year 2005, then increased to $15,000 for tax years 2006-2014, and is now increased to $25,000 for tax year 2015 and beyond.

Effective date is January 1, 2015.

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