HB 143 Summary

• Amends Mississippi Code Section 27-7-15 to exclude overtime compensation required by the Fair Labor Standards Act of 1938 from the definition of "gross income" for state income tax purposes.

• Adds new paragraph (ss) to the list of income items exempt from Mississippi state income taxation.

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

• Effective January 1, 2023.