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MS HB1595
Bill
Status
Failed
2/25/2015
Primary Sponsor
Jeffrey Smith
Click for details
AI Summary
- Amends Section 27-7-5 of Mississippi Code to revise income tax brackets effective January 1, 2016
- Current tax rates (through 2015): 3% on first $5,000 of taxable income, 4% on next $5,000, and 5% on income over $10,000
- New tax rates (2016 and thereafter): 3% on first $13,000 of taxable income, 4% on next $13,000, and 5% on income over $26,000
- For taxpayers with fiscal years spanning 2015 and 2016, requires prorated calculation using both old and new tax rates based on months in each calendar year
- Takes effect July 1, 2015
Legislative Description
Income tax; reduce.
Last Action
Died In Committee
2/25/2015
Committee Referrals
Ways and Means2/18/2015
Full Bill Text
No bill text available