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MS HB1316
Bill
Status
Failed
2/24/2021
Primary Sponsor
Steve Hopkins
Click for details
AI Summary
- Eliminates Mississippi's state income tax entirely beginning in calendar year 2022
- Removes the 3% tax rate on income between $0-$5,000, the 4% rate on income between $5,000-$10,000, and the 5% rate on income over $10,000
- Accelerates the phase-out of the 3% bracket by one year, skipping the planned 2021 reduction and moving directly to full elimination
- Applies to all resident individuals, corporations, associations, trusts, and estates, as well as non-residents earning income from Mississippi sources
- Takes effect January 1, 2021
Legislative Description
Income tax; eliminate.
Last Action
Died In Committee
2/24/2021
Committee Referrals
Ways and Means1/18/2021
Full Bill Text
No bill text available