MS HB374

Allows self-employed individuals to deduct one-half of federal self-employment taxes paid as an adjustment to gross income under Mississippi state income tax law.

For 2016, the deduction is limited to one-third of one-half of federal self-employment taxes; for 2017, limited to two-thirds of one-half; starting in 2018 and thereafter, the full one-half deduction applies.

Amends Section 27-7-18 of the Mississippi Code of 1972 to add this new deduction provision.

Takes effect January 1, 2016.

Does not affect any tax claims, assessments, or actions that accrued before the effective date.