Income tax; increase amount of National Guard compensation excluded from gross income.

HB 693 increases the amount of National Guard compensation excluded from Mississippi's state income tax from $15,000 to $25,000 annually. This change directly affects Mississippi National Guard members whose state income tax calculations exclude this portion of their military pay. The bill amends Section 27-7-15 of Mississippi's tax code to adjust the exclusion threshold for active-duty National Guard compensation. This is a specific tax code adjustment with no new programs or funding mechanisms. The policy change reduces taxable income for eligible National Guard members by $10,000 per year.