MS SB3031

Suspends scheduled Mississippi individual income tax rate reductions on income over $10,000 until the Public Employees' Retirement System (PERS) achieves at least 80% funding, as determined by an independent actuary

Maintains the 4% tax rate for calendar year 2026 and beyond until the PERS funding threshold is met, rather than continuing automatic annual reductions

Once PERS reaches 80% funding, resumes phased rate reductions: 3.75% (year 1), 3.5% (year 2), 3.25% (year 3), and 3% (year 4 and thereafter)

Repeals Section 27-7-5.1, which previously provided for additional income tax reductions based on certain fiscal conditions

Expresses legislative intent to consider whether to further reduce rates below 3% before that rate takes effect, with complete repeal of individual income tax if rates are reduced to zero