As the 2024 filing season is quickly approaching, we would like to remind you of important tax changes that will take effect.
House Bill 531 - The amendment to Miss. Code Ann. §27-7-5 reduces the state income tax on individual taxable income starting in the tax year 2024. For that year, no tax is imposed on individuals with taxable income up to $10,000.
House Bill 624 - Extended the credit allowed for qualified railroad reconstruction.
House Bill 845 - Provides clarity on charitable organizations annual financial statements requiring all forms filed by the IRS.
House Bill 1638 - "Provides procedures for the Department of Revenue to set off a taxpayer's debt owed to the Mississippi Department of Human Services (MDHS) against the taxpayer's income tax refund."
House Bill 3099 - Authorized a tax credit for employers who sponsor skill training for an employee. The skill straining must be provided or approved by the local community/junior college.
Additional Information
- Link to Mississippi state site: MS DOR