MS SB2960

Eliminates state income tax on the first $10,000 of wages or personal income for natural persons starting January 1, 2022, up from the previous $5,000 threshold

Sets initial tax rate of 4.5% on income exceeding $10,000 beginning January 1, 2022, with automatic 0.5% annual reductions until reaching 0%

Completely eliminates all state and local income taxes on natural persons' wages and personal income effective January 1, 2031

Prohibits any future state or local taxes measured by payroll, wages, or personal income after January 1, 2031, while preserving other constitutional taxing authorities in effect as of July 1, 2021

Maintains existing tax structure for corporations, associations, trusts, and estates, with graduated rates of 4% on income from $5,000-$10,000 and 5% on income over $10,000