Strengthening Troop Retention for our National Guard (STRONG) Act; create.

The motor vehicle ad valorem tax credit for service members was reduced from $500 per year to $250 per year.

The income tax exemption for National Guard and Reserve Forces was updated to increase from $5,000 (through 2005) and $15,000 (2006-2024) to $25,000 for taxable years after 2024.

New tax exemptions were added for amounts received from federal pandemic relief acts (CARES Act, Consolidated Appropriations Act of 2021, American Rescue Plan Act), disaster relief payments, and various agricultural disaster programs.

Tax exemptions were added for catastrophe savings accounts, ABLE Trust Fund accounts, first-time homebuyer savings accounts, and health savings accounts.

A new definition of 'service member' was added to specify Mississippians who completed active duty careers with the Armed Forces or are retired members of the National Guard or Reserves.

New requirements were added for the Tricare Premium Reimbursement Program, including eligibility criteria for actively drilling members and provisions for annual legislative appropriation of funds.

Section 2 of the act (income tax exemption) applies to taxable years beginning on or after January 1, 2025, while the overall act takes effect July 1, 2025.

The bill was reclassified as a 'Committee Substitute' version with formatting changes and some text corrections, including the addition of new subsections for various tax exemptions.