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MS HB1430
Bill
Status
Failed
2/24/2021
Primary Sponsor
John Hines
Click for details
AI Summary
- Exempts income from state income tax for eligible small businesses during tax years 2020 and 2021
- Defines "eligible small business" as a for-profit corporation, LLC, partnership, or sole proprietorship with no more than 8 employees
- Excludes businesses that received federal Paycheck Protection Program (PPP) assistance from this exemption
- Amends Section 27-7-15 of the Mississippi Code regarding the definition of "gross income" for state income tax purposes
- Effective date is retroactive to January 1, 2021
Legislative Description
Income tax; revise definition of gross income to exclude income of certain small businesses.
Last Action
Died In Committee
2/24/2021
Committee Referrals
Ways and Means2/19/2021
Full Bill Text
No bill text available