MS HB301

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.

Adds a new exemption (paragraph ll) to the list of items excluded from gross income taxation, specifically covering amounts received as overtime compensation.

Effective date is January 1, 2019.

Does not affect any tax claims, assessments, or lawsuits for taxes accrued before the effective date.