MS HB1588

Amends Section 27-7-15 of Mississippi Code to exclude overtime compensation required by the Fair Labor Standards Act of 1938 from the definition of "gross income" for state income tax purposes.

Adds new paragraph (gg) to the list of income items exempt from Mississippi state income taxation, specifically covering overtime compensation as defined under federal Fair Labor Standards Act.

Effective date is January 1, 2015.

Does not affect any tax claims, assessments, appeals, or suits related to taxes accrued before the act becomes effective.