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AMENDMENT NO 2 PROPOSED TO

Cmte Sub for Senate Bill No. 3095

BY: Senator(s) Blount

AMEND by striking lines 83-106 and inserting in lieu thereof:

                   2.  For calendar year 2025, on such taxable income, the rate shall be four and four-tenths percent (4.4%); * * * and

                   3.  For calendar year 2026 and all calendar years thereafter, except as provided in items 4 through 7 of this subparagraph (ii), on such taxable income, the rate shall be four percent (4%) * * *.;

4.  For the first calendar year after the effective date of this act, on such taxable income, the rate shall be three and three-fourths percent (3.75%);

5.  For the second calendar year after the effective date of this act, on such taxable income, the rate shall be three and one-half percent (3.5%);

6.  For the third calendar year after the effective date of this act, on such taxable income, the rate shall be three and one-fourth percent (3.25%); and

7.  For the fourth calendar year after the effective date of this act and all calendar years thereafter, on such taxable income, the rate shall be two and ninety-nine-hundredths percent (2.99%).

     It is the intent of the Legislature that before * * * calendar year 2026 the rate in item 7 of this subparagraph (ii) goes into effect, the Legislature will consider whether the revised tax rates provided for in this subparagraph (ii) will be further decreased * * * for calendar years after calendar year 2026.  If the revised tax rates provided for in this subparagraph (ii) are further decreased * * * for calendar years after calendar year 2026 to the extent that there is no tax levied on the taxable income of individuals under this subparagraph (ii), the individual income tax shall stand repealed.

     FURTHER, AMEND by striking "July 1, 2025" on line 265 and inserting in lieu thereof:

the effective date of this act

     FURTHER, AMEND by striking ", 2025" on lines 1513, 1521, 1527, 1556, 1566, 1575, 1609, 1616, 1624, 1659, 1803, 1817, 1835, 1840-1841, 2164, 2168, 2191 and 2195, and inserting in lieu thereof:

of the year of the effective date of this act

     FURTHER, AMEND by striking the effective clause on lines 2261-2262 and inserting in lieu thereof:

     SECTION *.  This act shall take effect and be in force from and after the first July 1 following a written determination by an independent actuary hired by the Public Employees' Retirement System of Mississippi that the unfunded actuarial accrued liability of the system is less than twenty percent (20%).

FURTHER, AMEND the title to conform.