MS SB2324

Allows recent graduates (awarded a bachelor's or advanced degree within one year of claiming the deduction) to deduct gross income derived from employment in Mississippi from state income tax.

Deduction is available for three consecutive years if the graduate remains a Mississippi resident and employed in a qualifying job during that period.

Extends the deduction for an additional two years if the graduate purchases residential or commercial property in Mississippi, establishes a registered business with at least one employee, or serves as a licensed teacher in a public or nonpublic school.

Applies to graduates from Mississippi state institutions, regionally accredited nonprofit four-year colleges and universities in Mississippi, or comparable institutions outside Mississippi.

Caps the aggregate deductions claimed by all taxpayers in a taxable year at $100,000,000, effective July 1, 2024.