MS HB1992

Authorizes municipalities to impose a sales tax of up to 1.5% on gross proceeds of business activities taxed at 7.2% state rate through June 30, 2034, with revenue limitations and phase-out provisions.

Increases state sales tax rates from 7% to 7.2% through June 30, 2034, on retail sales, utilities, telecommunications, amusement/entertainment, various services, alcoholic beverages, and digital products, then reverts to 7% on July 1, 2034.

Creates new 3.5% sales tax on retail food for human consumption not purchased with food stamps and establishes 4% tax on motor fuel sales, with revenue directed to highway maintenance and capacity projects.

Phases out individual income tax on taxable income over $10,000 beginning in 2024, reducing from 5% to 0% over approximately 14 years through 2038.

Deposits temporary sales tax revenue increases from 2024-2034 into a new "Public Employees' Retirement System Sustainability Fund" for PERS benefit improvements.