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HB 531 - Reduces Income Tax Rates - Mississippi Key Vote

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Title: Reduces Income Tax Rates

Vote Smart's Synopsis:

Vote to pass a bill that reduces income tax rates.

Highlights:

 

  • Establishes the Mississippi Tax Freedom Act of 2022 (Sec. 1).

  • Prohibits any tax from being levied on the first $5,000 of taxable income for the calendar year 2022 and any taxable years thereafter (Sec. 2, Pg. 3).

  • Prohibits any tax from being levied on taxable income from $5,001 to $10,000 for the calendar year 2023 and any taxable years thereafter (Sec. 2, Pg. 3).

  • Specifies that for the calendar year 2022, a tax of 4% shall be levied on taxable income between $5,001 and $10,000 (Sec. 2, Pg. 3).

  • Specifies that for the calendar years 2022 and 2023, all taxable income greater than $10,000 shall be taxed at a rate of 5% (Sec. 2, Pg. 3).

  • Specifies that for the calendar year 2024 and any taxable years after that, all taxable income greater than $10,001 shall be taxed at the following rates (Sec. 2, Pgs. 3 & 4):

    • A rate of 4.7 percent for the year 2024;

    • A rate of 4.4 percent for the year 2025; and

    • A rate of 4 percent for the year 2026 and all taxable years after that.

  • Specifies that the tax rates for 2026 onward shall be revisited during that legislative period (Sec. 2, Pg. 4).

  • Specifies that S corporations are not subject to the above income taxes (Sec. 2, pg. 4).

  • Specifies that this act takes effect July 1, 2022 (Sec. 3).

Full Bill Text

See How Your Politicians Voted

Title: Reduces Income Tax Rates

Vote Smart's Synopsis:

Vote to pass a bill that reduces income tax rates.

Highlights:

 

  • Establishes the Mississippi Tax Freedom Act of 2022 (Sec. 1).

  • Prohibits any tax from being levied on the first $5,000 of taxable income for the calendar year 2022 and any taxable years thereafter (Sec. 2, Pg. 3).

  • Prohibits any tax from being levied on taxable income from $5,001 to $10,000 for the calendar year 2023 and any taxable years thereafter (Sec. 2, Pg. 3).

  • Specifies that for the calendar year 2022, a tax of 4% shall be levied on taxable income between $5,001 and $10,000 (Sec. 2, Pg. 3).

  • Specifies that for the calendar years 2022 and 2023, all taxable income greater than $10,000 shall be taxed at a rate of 5% (Sec. 2, Pg. 3).

  • Specifies that for the calendar year 2024 and any taxable years after that, all taxable income greater than $10,001 shall be taxed at the following rates (Sec. 2, Pgs. 3 & 4):

    • A rate of 4.7 percent for the year 2024;

    • A rate of 4.4 percent for the year 2025; and

    • A rate of 4 percent for the year 2026 and all taxable years after that.

  • Specifies that the tax rates for 2026 onward shall be revisited during that legislative period (Sec. 2, Pg. 4).

  • Specifies that S corporations are not subject to the above income taxes (Sec. 2, pg. 4).

  • Specifies that this act takes effect July 1, 2022 (Sec. 3).

Full Bill Text

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