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MS HB266

Bill

Official Source

Status

Failed

2/24/2021

Primary Sponsor

Bryant Clark

Click for details

Origin

House of Representatives

2021 Regular Session

AI Summary

  • Excludes overtime compensation required by the Fair Labor Standards Act from the definition of "gross income" for Mississippi state income tax purposes
  • Adds overtime pay to the existing list of income exemptions, which includes items such as life insurance proceeds, Social Security benefits, military combat pay, and retirement allowances
  • Applies retroactively with an effective date of January 1, 2021
  • Does not affect any tax claims, assessments, appeals, or collection actions for taxes due or accrued before the effective date

Legislative Description

Income tax; exclude overtime compensation from gross income.

Last Action

Died In Committee

2/24/2021

Committee Referrals

Ways and Means1/18/2021

Full Bill Text

No bill text available