Rufus Straughter voted NA (Passage) on this Legislation.
Title: Reduces Income Tax Rates
Signed by Governor Tate Reeves
Title: Reduces Income Tax Rates
Vote to pass a bill that reduces income tax rates.
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).
Title: Reduces Income Tax Rates
Vote to pass a bill that reduces income tax rates.
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).
Title: Reduces Income Tax Rates
Title: Reduces Income Tax Rates
Title: Reduces Income Tax Rates