Income tax; exclude payment for property taken by eminent domain from gross income.

HB 489 would amend Mississippi's income tax law to exclude compensation received for property taken by eminent domain (or condemnation) from taxable gross income, but only if the property was purchased at least five years before the taking. This change would directly affect property owners who receive such compensation and meet the five-year ownership requirement. The bill modifies the state tax code's definition of "gross income" to specifically exclude these eminent domain payments, without altering tax treatment for other income sources.