Income tax; exclude overtime compensation from gross income.

HB 504 amends Mississippi's state income tax code to exclude overtime pay from the definition of "gross income" for tax purposes. This directly affects Mississippi workers who earn overtime compensation, as it would reduce their taxable income. The bill modifies Section 27-7-15 of the Mississippi Code to remove overtime from the list of income items included in gross income calculations. The change would lower state income tax liability for eligible workers receiving overtime pay.