MS SB2459

Eliminates the 4% tax rate on individual taxable income between $5,000 and $10,000 starting in calendar year 2023.

Phases out the 5% tax rate on individual taxable income exceeding $10,000 through a series of reductions: 4% in 2024, 3% in 2025, 2% in 2026, 1% in 2027, and complete elimination in 2028 and thereafter.

Maintains the graduated tax structure on the first $5,000 of income, which has been tax-free since 2022.

Applies to individual residents and non-residents earning income in Mississippi; S corporations remain exempt from the income tax.

Takes effect July 1, 2023.