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MS SB3164
Bill
AI Summary
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Phases out the 4% income tax bracket on taxable income between $5,000 and $10,000 over four years: reduced to 3% in 2023, 2% in 2024, 1% in 2025, and eliminated entirely by 2026
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Reduces the sales tax rate on grocery food eligible for food stamp purchase from 7% to 5%, effective July 1, 2022
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Redirects standard license tag fees and various distinctive license tag fees from the State General Fund to the Motor Vehicle Ad Valorem Tax Reduction Fund
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Provides a one-time income tax rebate of 5% of 2021 tax liability to taxpayers who filed a 2021 Form 80-105 Mississippi income tax return, with a minimum of $100 per taxpayer and maximum of $1,000 per return
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Creates the 2022 Income Tax Rebate Fund to distribute rebate payments, with authority for the State Fiscal Officer to transfer additional funds from the Capital Expense Fund if appropriations are insufficient
Legislative Description
Taxation; cut grocery tax by 2%, phase out 4% income tax bracket, cut General Fund portion of car tag fees, and give rebate.
Last Action
Died In Conference
3/26/2022