SB 3031
Income tax; suspend reductions until PERS is funded at 80%.
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Bill overview
An act to amend section 27-7-5, mississippi code of 1972, to suspend the reduction of the tax on all taxable income of individuals IN excess of $10,000.00 until an independent actuary hired by the public employees' retirement system of mississippi issues a written determination that the unfunded actuarial accrued liability of the system is less than 20%; To state the intent of the legislature to consider, before the income tax rate decreases to 3%, whether the rate will be further decreased below 3%; To repeal section 27-7-5.1, mississippi code of 1972, which provides for the further reduction of the tax on all taxable income of individuals IN excess of $10,000.00 under certain fiscal conditions; And for related purposes.
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