AN ACT TO AMEND SECTION 27-7-5, MISSISSIPPI CODE OF 1972, TO ADJUST THE INCOME TAX RATES FOR NATURAL PERSONS; TO PROVIDE THAT, FROM AND AFTER JANUARY 1, 2022, NO TAX SHALL BE LEVIED, AUTHORIZED OR OTHERWISE PERMITTED UPON THE FIRST $10,000.00 OF WAGES OR PERSONAL INCOME OF NATURAL PERSONS; TO SET THE TAX RATE ON ALL WAGES OR PERSONAL INCOME OF NATURAL PERSONS IN EXCESS OF $10,000.00 AT 4.5%, TO DECREASE BY .50% EACH YEAR THEREAFTER UNTIL THE TAX RATE IS 0%; TO PROVIDE THAT, FROM AND AFTER JANUARY 1, 2031, NO TAX SHALL BE LEVIED, AUTHORIZED OR OTHERWISE PERMITTED UPON THE WAGES OR PERSONAL INCOME OF NATURAL PERSONS, NOR SHALL ANY STATE OR LOCAL TAX MEASURED BY PAYROLL, WAGES OR PERSONAL INCOME BE LEVIED, AUTHORIZED OR OTHERWISE PERMITTED; TO SPECIFY THAT THESE ADJUSTMENTS SHALL NOT BE CONSTRUED AS PROHIBITING ANY OTHER TAXING AUTHORITY SET FORTH IN THE CONSTITUTION AND IN EFFECT ON JULY 1, 2021, OR ADJUSTMENT OF THE RATE OF SUCH TAX; AND FOR RELATED PURPOSES.

Statutes affected:
As Introduced: 27-7-5