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MS HB504

Bill

Official Source

Status

Failed

2/26/2025

Primary Sponsor

Bryant Clark

Click for details

Origin

House of Representatives

2025 Regular Session

AI 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 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 overtime compensation as defined under the Fair Labor Standards Act and its amendments
  • Takes effect January 1, 2025
  • Does not affect any tax claims, assessments, or actions that accrued before the effective date

Legislative Description

Income tax; exclude overtime compensation from gross income.

Last Action

Died In Committee

2/26/2025

Committee Referrals

Ways and Means1/10/2025

Full Bill Text

No bill text available