April 12, 2022 Mississippi law gradually lowers individual income tax rates starting in 2023 On April 5, 2022, Governor Tate Reeves signed into law House Bill 531, which provides the largest individual income tax cut in the state's history by eliminating the current 4% tax bracket in 2023 and reducing the current 5% tax rate incrementally as follows:
Before 2026, the state legislature will determine if the tax rates will be further reduced or repealed for calendar years after 2026. Mississippi does not allow for a flat rate of withholding on supplemental wages. The Mississippi income tax withholding tables for 2022 are available here and frequently asked questions are here. ———————————————
——————————————— EY Payroll News Flash
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