MS HB1557

Increases the amount of National Guard or Reserve Forces of the United States compensation excluded from Mississippi state income tax gross income from $15,000 to $25,000 per taxable year, effective for tax years 2016 and thereafter.

Maintains the previous $5,000 exemption cap for taxable years through 2005, and the $15,000 exemption cap for taxable years 2006 through 2015.

Does not affect existing tax claims, assessments, appeals, or suits for taxes accrued before the bill's effective date.

Takes effect January 1, 2016.