Mississippi HB204 excludes overtime compensation from gross income for state income tax purposes.
Mississippi HB204 amends the state income tax law to exclude overtime compensation from the definition of "gross income." This means that overtime pay, as defined by the Fair Labor Standards Act, will not be included in a taxpayer's gross income when calculating state income tax. The bill aims to provide relief to taxpayers by reducing their taxable income, potentially lowering their state income tax liability. This change will affect Mississippi residents who earn overtime pay and file state income tax returns.
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