Income tax; rescind reduction of.

SB 2869 rescinds a planned future reduction to Mississippi's income tax rates, specifically repealing Section 27-7-5.1 which would have lowered taxes on income over $10,000 starting in 2031. The bill keeps current tax rates in place - 3% on income up to $5,000, 4% on $5,000-$10,000, and 5% on income above $10,000 - preventing the scheduled 2031 cut. It directly affects Mississippi taxpayers with annual income exceeding $10,000, ensuring they continue paying the current 5% rate on that portion. The repeal takes effect July 1, 2026, and does not alter existing tax rates for 2023-2025.