Bill > HB531

Introduced Session

An Act To Create The Mississippi Tax Freedom Act Of 2022; To Amend Section 27-7-21, Mississippi Code Of 1972, To Increase The Amount Of The Personal Exemptions Under The State Income Tax Law For Single Individuals, Married Individuals And Head Of Family Individuals And To Provide For The Annual Adjustment Of The Amounts Of Such Personal Exemptions; To Amend Section 27-65-17, Mississippi Code Of 1972, To Increase The Sales Tax Rate From 7% To 8-1/2% On The Sale Of Tangible Personal Property; To Reduce The Sales Tax Rate On Retail Sales Of Food For Human Consumption Not Purchased With Food Stamps But Which Would Be Exempt From Sales Tax If Purchased With Food Stamps; To Amend Section 27-65-19, Mississippi Code Of 1972, To Increase The Sales Tax Rate From 7% To 8-1/2% On Sales Of Telecommunications Services; To Amend Section 27-65-22, Mississippi Code Of 1972, To Increase The Sales Tax Rate From 7% To 8-1/2% On Amusement And Entertainment Admissions; To Amend Section 27-65-23, Mississippi Code Of 1972, To Increase The Sales Tax Rate From 7% To 8-1/2% On Various Services; To Amend Section 27-65-25, Mississippi Code Of 1972, To Increase The Sales Tax Rate From 7% To 8-1/2% On Retail Sales Of Alcoholic Beverages; To Amend Section 27-65-26, Mississippi Code Of 1972, To Increase The Sales Tax Rate From 7% To 8-1/2% On The Sale, Renting Or Leasing Of Specified Digital Products; To Amend Section 27-65-75, Mississippi Code Of 1972, To Provide That A Portion Of The State Sales Revenue Collected From Increases To Sales Tax Rates Under This Act Shall Be Deposited, Without Diversion, Into The Motor Vehicle Ad Valorem Tax Credit Reimbursement Fund Created By This Act And That The Remainder Of The State Sales Revenue Collected From Increases To Sales Tax Rates Under This Act Shall Be Deposited, Without Diversion, Into The State Treasury To The Credit Of The General Fund; To Revise The Distribution Of State Sales Tax Revenue Collected From Retail Sales Of Food For Human Consumption Not Purchased With Food Stamps But Which Would Be Exempt From Sales Tax If Purchased With Food Stamps; To Amend Section 27-67-31, Mississippi Code Of 1972, To Provide That A Portion Of The State Use Tax Revenue Collected As A Result Of The Increases To Sales Tax Rates Under This Act Shall Be Deposited, Without Diversion, Into The Motor Vehicle Ad Valorem Tax Credit Reimbursement Fund Created By This Act And That The Remainder Of The State Use Tax Revenue Collected As A Result Of The Increases To Sales Tax Rates Under This Act Shall Be Deposited, Without Diversion, Into The State Treasury To The Credit Of The General Fund; To Amend Section 27-65-241, Mississippi Code Of 1972, Which Authorizes Certain Municipalities To Levy A Municipal Special Sales Tax, To Conform To The Provisions Of This Act; To Authorize A Motor Vehicle Ad Valorem Tax Credit; To Amend Section 27-7-5, Mississippi Code Of 1972, To Provide That From And After January 1 Of The Next Succeeding Year After The Date That The Commissioner Of Revenue Certifies That The Reduction In Revenue Mandated By Section 27-7-21, Mississippi Code Of 1972, Equals Or Exceeds The Remaining Revenue Produced By The Individual Income Tax, The Individual Income Tax Shall Be Repealed; To Bring Forward Section 27-7-3, Mississippi Code Of 1972, Which Defines Certain Terms Under The State Income Tax Law, For The Purposes Of Possible Amendment; To Bring Forward Section 27-7-27, Mississippi Code Of 1972, Which Relates To The Income Taxation Of Estates And Trusts For Purposes Of Possible Amendment; To Amend Section 27-7-22.31, Mississippi Code Of 1972, To Conform To The Provisions Of This Act; To Bring Forward Sections 27-7-22.5, 27-7-22.15, 27-7-22.21, 27-7-22.22, 27-7-22.32, 27-7-22.33, 27-7-22.37, 27-7-22.39, 27-7-22.41 And 27-7-207, Mississippi Code Of 1972, Which Provide For Various Income Tax Credits, For The Purposes Of Possible Amendment; To Amend Sections 57-62-9 And 57-62-11, Mississippi Code Of 1972, To Revise Certain Provisions Of The Mississippi Advantage Jobs Act; To Bring Forward Sections 27-7-312, 57-62-5 And 57-62-13, Mississippi Code Of 1972, Which Relate To The Mississippi Advantage Jobs Act, For The Purposes Of Possible Amendment; To Bring Forward Sections 57-89-3 And 57-89-7, Mississippi Code Of 1972, Which Are Sections Of The Mississippi Motion Picture Incentive Act, For The Purposes Of Possible Amendment; To Amend Sections 57-99-1, 57-99-3 And 57-99-5, Mississippi Code Of 1972, To Revise Certain Provisions Of The Mississippi Major Economic Impact Withholding Rebate Incentive Program; To Bring Forward Sections 57-99-7, 57-99-21, 57-99-23, 57-99-25 And 57-99-27, Mississippi Code Of 1972, Which Relate To The Mississippi Major Economic Impact Withholding Rebate Incentive Program, For The Purposes Of Possible Amendment; To Bring Forward Sections 37-148-3 And 37-148-5, Mississippi Code Of 1972, Which Are Sections Of The Strengthening Mississippi Academic Research Through Business Act, For The Purposes Of Possible Amendment; To Bring Forward Section 57-105-1, Mississippi Code Of 1972, Which Authorizes Income Tax And Insurance Premium Tax Credits For Taxpayers Holding Certain Qualified Equity Investments, For The Purposes Of Possible Amendment; To Bring Forward Sections 27-25-503 And 27-25-505, Mississippi Code Of 1972, Which Are Sections Of The State Oil Severance Tax Law, For The Purposes Of Possible Amendment; To Bring Forward Sections 27-25-703 And 27-25-705, Mississippi Code Of 1972, Which Are Sections Of The State Gas Severance Tax Law, For The Purposes Of Possible Amendment; To Bring Forward Sections 27-65-101, 27-65-103, 27-65-105, 27-65-107 And 27-65-111, Mississippi Code Of 1972, Which Authorize Various Sales Tax Exemptions, For The Purposes Of Possible Amendment; And For Related Purposes.

AI Summary

Committee Categories

Nick Bain (R)*,  Shane Barnett (R)*,  Randy Boyd (R)*,  Chris Brown (R)*,  Larry Byrd (R)*,  Billy Adam Calvert (R)*,  Lester Carpenter (R)*,  Carolyn Crawford (R)*,  Samuel Creekmore IV (R)*,  Jerry Darnell (R)*,  Dan Eubanks (R)*,  Casey Eure (R)*,  Jill Ford (R)*,  Dale Goodin (R)*,  Philip Gunn (R)*,  Joey Hood (R)*,  Bill Kinkade (R)*,  Trey Lamar (R)*,  Steve Massengill (R)*,  Jay McKnight (R)*,  Dana McLean (R)*,  Ken Morgan (R)*,  Gene Newman (R)*,  Karl Oliver (R)*,  Jansen Owen (R)*,  Bill Pigott (R)*,  Robin Robinson (R)*,  Randy Rushing (R)*,  Robert Sanders (D)*,  Troy Smith (R)*,  Jody Steverson (R)*,  Joseph Tubb (R)*,  Mark Tullos (R)*,  Jason White (R)*, 

Approved by Governor (on 04/05/2022)

Official Document