MS HB1601

Exempts gross income earned by recent graduates of Mississippi four-year colleges and universities from state income taxation if employed in a qualifying job within the state.

Defines "recent graduate" as a Mississippi resident who earned a baccalaureate degree no more than one year before claiming the exemption, and "qualifying job" as any employment in Mississippi.

Allows the income exemption to be utilized for four consecutive years if the graduate remains continuously employed in a qualifying job during that period.

Applies to graduates of state institutions of higher learning listed in Section 37-101-1 and regionally accredited nonprofit four-year colleges or universities located in Mississippi.

Becomes effective July 1, 2015, with the Department of Revenue authorized to promulgate implementing rules and regulations.