Mississippi DOR Publishes Graduated Income Tax Rates for 2023 Through 2026 Tax Years

The Mississippi Department of Revenue Aug. 1 published the individual income tax rates for tax years 2023 to 2026. The state now has a graduated rate but the 4 percent rate is eliminated for tax year 2023 and forward. The new income tax rates for individuals and businesses are: 1) 5 percent on all taxable income over $10,000 in 2023; 2) 4.7 percent on all taxable income over $10,000 in 2024; 3) 4.4 percent on all taxable income over $10,000 in 2025; and 4) 4 percent on all taxable income over $10,000 in 2026. There is no tax schedule for ...