MS HB304

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 paragraph (ll) to the list of income items exempt from Mississippi state income taxation.

Effective January 1, 2020.

Does not affect any tax claims, assessments, or actions for taxes accrued before the bill's effective date.