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MS SB2438
Bill
AI Summary
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Removes the scheduled phase-out of the 3% income tax on the first $5,000 of taxable income that was set to be eliminated by 2022, restoring full taxation at that bracket
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Eliminates the deduction allowing self-employed individuals to deduct a portion (up to 50%) of their federal self-employment taxes from Mississippi gross income
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Reverses the planned phase-out of the corporation franchise tax that was scheduled to gradually reduce the rate from $2.50 per $1,000 of capital to $0.25 by 2027
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Repeals the provision that would have completely eliminated the corporation franchise tax effective January 1, 2028
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Effective date of January 1, 2021, maintaining the existing tax structure rather than allowing previously enacted tax cuts to continue
Legislative Description
Taxpayer Pay Raise Act; remove phase-out of income & franchise tax, and remove deduction of federal employment tax.
Last Action
Died In Committee
2/24/2021