House Bill 1439 - Mississippi Tax Freedom Act of 2021

• Increases personal income tax exemptions for single individuals to $47,700, married individuals to $95,400, and heads of family to $46,600, with annual adjustments based on revenue growth and inflation calculations

• Raises sales tax rates across multiple categories: general sales tax from 7% to 9.5%, vehicle sales tax from 5% to 7.5%, and various specialized rates on farm equipment, manufacturing machinery, utilities, and services

• Establishes a "Budget Stabilization Fund" to receive revenue from increased tax rates, with provisions to repeal the state income tax once personal exemption increases reduce revenue equal to remaining income tax revenue

• Increases tobacco tax rates: cigarettes from 3.4¢ to 5.9¢ per cigarette, and other tobacco products from 15% to 25% of manufacturer's list price

• Increases minimum teacher salaries for 2021-2022 school year (ranging from $37,000 to $69,870 based on experience and license level) and raises minimum assistant teacher salary to $15,100