MS HB84

Amends Mississippi Code Section 27-7-15 to exclude overtime compensation required by the Fair Labor Standards Act from the definition of "gross income" for state income tax purposes.

Adds overtime compensation as a new exemption (paragraph qq) to the list of items not included in gross income under Mississippi's income tax law.

Applies to overtime compensation as defined and required under the Fair Labor Standards Act of 1938 (29 USCS Section 201 et seq.), as amended.

Takes effect January 1, 2023.

Does not affect tax claims, assessments, or collection efforts for taxes accrued before the effective date.