MS SB2191

Removes the scheduled phase-out of income taxation on the first $5,000.00 of taxable income that was set to begin January 1, 2018, maintaining the 3% tax rate on this income tier.

Eliminates the provision allowing self-employed individuals to deduct a portion of federal self-employment taxes from gross income (which was phased in at 17% for 2017, 34% for 2018, and 50% for 2019 and thereafter).

Removes the scheduled phase-out of the corporation franchise tax that was set to gradually reduce from $2.50 per $1,000.00 of capital value beginning January 1, 2018, maintaining the original $2.50 rate.

Repeals Section 5 of Chapter 499 (Laws of 2016), which had authorized complete elimination of the corporation franchise tax effective January 1, 2028.