Mississippi Governor Signs Tax Freedom Act, Reduces Individual Income Tax Rates

The Mississippi Governor April 5 signed a law creating the Mississippi Tax Freedom Act of 2022 for individual income tax purposes. The law includes measures: 1) providing that for calendar year 2023 and thereafter, no tax shall be levied on the individual taxable income in excess of $5,000 up to and including $10,000, or any part thereof; 2) providing tax rates for calendar years 2024, 2025, and 2026 upon all taxable income of individuals in excess of $10,000; 3) specifying that the Legislature before calendar year 2026 will consider whether the revised tax rates should be further decreased for calendar ...