Income tax; phase out on taxable income of individuals.

HB 212 amends Mississippi's income tax code to gradually eliminate state income tax on individual taxpayers' income over specific thresholds. It phases out tax on income between $5,000-$10,000 by 2023 and eliminates tax on income above $10,000 entirely by 2030, with intermediate rates decreasing annually from 4.7% (2024) to 0% (2030). This directly affects Mississippi residents earning above $5,000 in taxable income, as it reduces or removes their state income tax liability over time. The bill takes effect July 1, 2025, with specific rate changes detailed for each year through 2030.