SB3031

Mississippi SB3031 suspends income tax reductions until the Public Employees' Retirement System is funded at 80%.

Mississippi SB3031 amends the state's income tax code to suspend reductions on income tax for individuals until an independent actuary confirms that the Public Employees' Retirement System's unfunded actuarial liability is below 20%. The bill also outlines a phased reduction in tax rates for income exceeding $10,000, starting at 4.7% in 2024 and gradually decreasing to 3% by 2026. The tax on income up to $5,000 remains at zero, while income between $5,000 and $10,000 is taxed at 4%.