MS HB413

Exempts newly licensed physicians and nurse practitioners from state income tax on medical service income exceeding $100,000 per year if they practice and reside in critical physician shortage areas designated by the Mississippi Rural Physicians Scholarship Commission.

Defines "newly licensed physician" as someone licensed for less than one year or who completed post-graduate medical residency/fellowship training less than one year ago, and "newly licensed nurse practitioner" as someone certified under state law for less than one year.

Allows the income tax exemption to be utilized for up to ten consecutive years if the physician or nurse practitioner practices and resides in a critical shortage area for that full period.

Directs the state department to promulgate rules and regulations to implement the tax exemption.

Effective July 1, 2016.