summary
Introduced
01/17/2024
01/17/2024
In Committee
01/17/2024
01/17/2024
Crossed Over
Passed
Dead
03/27/2024
03/27/2024
Introduced Session
2024 Regular Session
Bill Summary
An Act To Amend Section 27-7-15, Mississippi Code Of 1972, To Exclude Overtime Compensation From The Definition Of "gross Income" For Purposes Of The State Income Tax Law; And For Related Purposes.
AI Summary
This bill excludes overtime compensation from the definition of "gross income" for the purposes of the state income tax law in Mississippi. Specifically, it adds a provision to the existing law that amounts received as overtime compensation required by the Fair Labor Standards Act of 1938 shall be excluded from an individual's gross income when calculating state income taxes. The bill will take effect on January 1, 2024.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Died In Committee (on 03/27/2024)
Taxonomy
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://billstatus.ls.state.ms.us/2024/pdf/history/HB/HB0224.xml | 01/17/2024 |
| BillText | https://billstatus.ls.state.ms.us/documents/2024/html/HB/0200-0299/HB0224IN.htm | 01/17/2024 |
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