AN ACT TO AMEND SECTION 27-7-5, MISSISSIPPI CODE OF 1972, TO REMOVE THE PROVISIONS THAT PHASE OUT, BEGINNING JANUARY 1, 2019, INCOME TAXATION ON THE FIRST $5,000.00 OF TAXABLE INCOME; TO AMEND SECTION 27-7-18, MISSISSIPPI CODE OF 1972, TO REMOVE A PROVISION THAT AUTHORIZES A PORTION OF THE FEDERAL SELF-EMPLOYMENT TAXES ASSESSED AGAINST SELF-EMPLOYED INDIVIDUALS TO BE ALLOWED AS AN ADJUSTMENT TO GROSS INCOME UNDER THE STATE INCOME TAX LAW; TO AMEND SECTIONS 27-13-5 AND 27-13-7, MISSISSIPPI CODE OF 1972, TO REMOVE THE PROVISIONS THAT PHASE OUT, BEGINNING JANUARY 1, 2019, THE CORPORATION FRANCHISE TAX; TO REPEAL SECTION 5, CHAPTER 499, LAWS OF 2016, WHICH REPEALS THE CORPORATION FRANCHISE LAW FROM AND AFTER JANUARY 1, 2028; AND FOR RELATED PURPOSES.

Statutes affected:
As Introduced: 27-7-5, 27-7-18, 27-13-5, 27-13-7