MS HB204

Excludes overtime compensation required under the federal Fair Labor Standards Act from Mississippi state income tax by adding it to the list of exemptions from "gross income"

Amends Section 27-7-15 of the Mississippi Code of 1972, which defines taxable gross income for state income tax purposes

Applies only to overtime pay as defined by the Fair Labor Standards Act of 1938 (time-and-a-half pay for hours worked over 40 per week)

Takes effect January 1, 2026

Does not affect any tax claims, assessments, or appeals for taxes due before the effective date