MS HB1359

Excludes from Mississippi state income tax gross income any amounts paid by agricultural disaster programs as compensation to agricultural producers, cattle farmers, or cattle ranchers who suffer losses from disasters or emergencies.

Applies to nine specific United States Department of Agriculture programs, including the Livestock Forage Disaster Program, Livestock Indemnity Program, Emergency Assistance for Livestock program, Emergency Conservation Program, Noninsured Crop Disaster Assistance Program, Pasture/Rangeland/Forage Pilot Insurance Program, Annual Forage Pilot Program, Livestock Risk Protection Insurance Program, and Livestock Gross Margin Insurance Plan.

Amends Section 27-7-15 of the Mississippi Code by adding paragraph (kk) to the list of income items excluded from gross income taxation.

Effective January 1, 2018.