MS SB2458

Creates the 2023 Mississippi Tax Rebate Fund with up to $270,000,000 to distribute one-time, nontaxable income tax rebates to eligible taxpayers.

Taxpayers who filed both 2021 and 2022 Mississippi income tax returns receive a rebate equal to the lesser of their 2021 tax liability or a set amount based on filing status: $250 (single/married filing separately), $375 (head of family), or $500 (married filing jointly).

Excludes nonresident aliens, dependents, estates, and trusts from eligibility; prorates rebates for nonresidents and part-year residents based on Mississippi taxable income ratio.

Rebates must first be credited against any outstanding tax liability; cannot accrue interest or be refunded with interest, and are subject to debt setoff provisions.

Transfers $270,000,000 from the Capital Expense Fund to the Tax Rebate Fund and amends tax code to exclude rebate amounts from gross income definition; effective July 1, 2023.