HB531: Mississippi Tax Freedom Act of 2022; create.

Legislative Summary

An Act To Create The Mississippi Tax Freedom Act Of 2022; To Amend Section 27-7-5, Mississippi Code Of 1972, To Reduce The State Income Tax On The Taxable Income Of Individuals; To Provide That It Is The Intent Of The Legislature That Before Calendar Year 2026, The Legislature Will Consider Whether The Revised Income Tax Rates Provided For In This Act Will Be Further Decreased For Calendar Years After Calendar Year 2026; To Provide That If The Revised Tax Rates Are Further Decreased For Calendar Years After Calendar Year 2026 To The Extent That There Is No Tax Levied On The Taxable Income Individuals Under This Section, The Individual Income Tax Shall Stand Repealed; And For Related Purposes.