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MS HB531

Bill

Official Source

Status

Passed

4/5/2022

Primary Sponsor

Philip Gunn

Click for details

Origin

House of Representatives

2022 Regular Session

AI Summary

  • Eliminates the 4% state income tax bracket (income from $5,000 to $10,000) starting in calendar year 2023
  • Reduces the top income tax rate on income over $10,000 from 5% to 4.7% in 2024, then to 4.4% in 2025, and finally to 4% in 2026 and thereafter
  • Maintains the existing exemption of zero tax on the first $5,000 of taxable income (in effect since 2022)
  • Expresses legislative intent to consider further decreasing tax rates before 2026, with the individual income tax to be fully repealed if future rate reductions eliminate all taxation on individual income
  • Takes effect July 1, 2022

Legislative Description

Mississippi Tax Freedom Act of 2022; create.

Last Action

Approved by Governor

4/5/2022

Committee Referrals

Finance1/28/2022
Ways and Means1/11/2022

Full Bill Text

No bill text available