MS HB476

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 paragraph (ss) to Section 27-7-15 of the Mississippi Code to specify that amounts received as overtime compensation are exempt from state income taxation.

Applies to all overtime compensation as defined and required under the Fair Labor Standards Act and its amendments.

Takes effect January 1, 2024.