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MS SB2822
Bill
Status
Failed
2/25/2015
Primary Sponsor
William Longwitz
Click for details
AI Summary
- Increases Mississippi income tax brackets for calendar year 2016: first $6,000 taxed at 3%, next $6,000 at 4%, and income over $12,000 at 5% (up from $5,000, $5,000, and $10,000 brackets in prior years)
- Requires annual adjustment of tax brackets beginning January 1, 2017, based on the percentage increase in the Consumer Price Index for All Urban Consumers, rounded to the nearest $100 increment
- Directs the Department of Revenue to calculate adjusted brackets and provide notice to taxpayers
- Applies to residents and non-residents earning income in Mississippi, including individuals, corporations, associations, trusts, and estates
- Takes effect July 1, 2015
Legislative Description
Income tax; increase the dollar amount of brackets and adjust for inflation.
Last Action
Died In Committee
2/25/2015
Committee Referrals
Finance2/9/2015
Full Bill Text
No bill text available