Loading chat...
MS SB2168
Bill
Status
2/24/2021
Primary Sponsor
Derrick Simmons
Click for details
AI Summary
-
Restores the 3% income tax rate on the first $5,000 of taxable income, eliminating a scheduled phase-out that would have removed taxes on this bracket by 2022
-
Removes the provision allowing self-employed individuals to deduct a portion (up to 50%) of federal self-employment taxes from their Mississippi gross income
-
Eliminates the scheduled 10-year phase-out of the corporation franchise tax that was set to gradually reduce rates from $2.50 per $1,000 of capital down to $0.25 by 2027
-
Repeals the provision that would have completely eliminated the corporation franchise tax law after January 1, 2028
-
Effective date: January 1, 2021
Legislative Description
Tax Payer Pay Raise Act; remove phase-out of income & franchise tax & remove deduction of federal employment tax.
Last Action
Died In Committee
2/24/2021