MS HB405

Amends Mississippi Code Section 27-7-15 to exclude overtime compensation required by the Fair Labor Standards Act of 1938 from the definition of "gross income" for state income tax purposes.

Overtime compensation subject to this exclusion is limited to amounts required under the Fair Labor Standards Act (29 USCS Section 201 et seq.), as amended.

The exclusion applies to overtime compensation similar to existing exclusions for other types of income such as retirement benefits, military pay, and certain housing assistance.

Effective date is January 1, 2016, and does not affect tax claims, assessments, or liens that accrued before the effective date.