AN ACT TO AMEND SECTION 27-7-5, MISSISSIPPI CODE OF 1972, TO SUSPEND THE REDUCTION OF THE TAX ON ALL TAXABLE INCOME OF INDIVIDUALS IN EXCESS OF $10,000.00 UNTIL AN INDEPENDENT ACTUARY HIRED BY THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM OF MISSISSIPPI ISSUES A WRITTEN DETERMINATION THAT THE UNFUNDED ACTUARIAL ACCRUED LIABILITY OF THE SYSTEM IS LESS THAN 20%; TO STATE THE INTENT OF THE LEGISLATURE TO CONSIDER, BEFORE THE INCOME TAX RATE DECREASES TO 3%, WHETHER THE RATE WILL BE FURTHER DECREASED BELOW 3%; TO REPEAL SECTION 27-7-5.1, MISSISSIPPI CODE OF 1972, WHICH PROVIDES FOR THE FURTHER REDUCTION OF THE TAX ON ALL TAXABLE INCOME OF INDIVIDUALS IN EXCESS OF $10,000.00 UNDER CERTAIN FISCAL CONDITIONS; AND FOR RELATED PURPOSES.

Statutes affected:
As Introduced: 27-7-5