MS HB1629

Phases out Mississippi's state income tax on resident individuals through calendar year 2030 by implementing graduated annual tax rate reductions beginning in 2017.

Reduces the lowest tax bracket from 3% to 0% by 2019, then progressively reduces the highest bracket from 5% down to 0% by 2030, with income over $10,000 taxed at rates declining from 5% in 2022 to 0% by 2030.

Makes each scheduled tax rate reduction contingent upon General Fund revenue collections exceeding the prior fiscal year by at least 3%; if the threshold is not met, the reduction carries forward to the next eligible year rather than being skipped.

Eliminates income tax obligations completely for all resident individuals starting January 1, 2030, ending the state's individual income tax system.

Takes effect July 1, 2015.