House Bill 224 Summary

• Excludes overtime compensation required by the Fair Labor Standards Act of 1938 from the definition of "gross income" for Mississippi state income tax purposes.

• Adds a new exemption (subsection ss) to Section 27-7-15 of the Mississippi Code to treat overtime pay as non-taxable income.

• Effective date is January 1, 2024.

• Does not affect any tax claims, assessments, or actions for taxes accrued before the effective date.