Income tax; exclude from gross income compensation and income of honorably discharged veterans.

SB 2553 would exempt income earned by honorably discharged veterans of the U.S. Armed Forces from Mississippi's state income tax. Specifically, it amends Mississippi's tax code to add veterans' compensation and income to the list of items already excluded from taxable gross income. This change directly affects Mississippi residents who are honorably discharged veterans and receive income from military service, such as disability compensation or retirement benefits. The bill's key provision is a straightforward tax exemption, removing this income from state tax calculations without altering other tax rules. The bill died in committee on February 26, 2025.