SB 3128 — "Strengthening Troop Retention for Our National Guard (STRONG) Act"; enact.

3128 (As Passed the Senate) AN ACT TO ENACT THE "STRENGTHENING TROOP RETENTION FOR OUR NATIONAL GUARD (STRONG) ACT";

3128 *SS26/R1349**SS26/R1349PS* ~ OFFICIAL ~ R3/5 25/SS26/R134925/SS26/R1349PS PAGE 1 (rdd\tb) commerce or sales, or renting or dealing in property, or reacquired property;

3128 *SS26/R1349**SS26/R1349PS* ~ OFFICIAL ~ 25/SS26/R134925/SS26/R1349PS PAGE 2(rdd\tb)2 generally affect taxpayers, reporting on the accrual method of accounting, entering into installment note agreements on or after December 17, 1999.

3128 *SS26/R1349**SS26/R1349PS* ~ OFFICIAL ~ 25/SS26/R134925/SS26/R1349PS PAGE 3(rdd\tb)3 (iii) If the selling price of the property is reduced by any alteration in the terms of an installment note, including default by the purchaser, the gain to be recognized is recomputed based on the adjusted selling price in the same manner as for federal income tax purposes.

3128 *SS26/R1349**SS26/R1349PS* ~ OFFICIAL ~ 25/SS26/R134925/SS26/R1349PS PAGE 4(rdd\tb)4 (e) Alimony and separate maintenance payments.

3128 *SS26/R1349**SS26/R1349PS* ~ OFFICIAL ~ 25/SS26/R134925/SS26/R1349PS PAGE 5(rdd\tb)5 (c) The value of property acquired by gift, bequest, devise or descent, but the income from such property shall be included in the gross income.

3128 *SS26/R1349**SS26/R1349PS* ~ OFFICIAL ~ 25/SS26/R134925/SS26/R1349PS PAGE 6(rdd\tb)6 state shall determine Mississippi income on the same basis as provided for foreign corporations under the provisions of this article.

3128 *SS26/R1349**SS26/R1349PS* ~ OFFICIAL ~ 25/SS26/R134925/SS26/R1349PS PAGE 7(rdd\tb)7 (k) shall be available to the spouse or other beneficiary at the death of the primary retiree.

(m) Beginning January 1, 2025, National Guard or Reserve Forces of the United States compensation not to exceed the aggregate sum of Five Thousand Dollars ($5,000.00) for any taxable year through the 2005 taxable year, and not to exceed the aggregate sum of Fifteen Thousand Dollars ($15,000.00) for taxable years 2006 through the2024, 2024 taxable year, and not to exceed the aggregate sum of Twenty-five Thousand Dollars ($25,000.00) for any taxable year thereafter.

(n) Compensation received for active service as a member below the grade of commissioned officer and so much of the compensation as does not exceed the maximum enlisted amount received for active service as a commissioned officer in the Armed Forces of the United States for any month during any part of which S.

3128 *SS26/R1349**SS26/R1349PS* ~ OFFICIAL ~ 25/SS26/R134925/SS26/R1349PS PAGE 8(rdd\tb)8 Forces of the United States for any month during any part of which such members of the Armed Forces (i) served in a combat zone as designated by Executive Order of the President of the United States or a qualified hazardous duty area as defined by federal law, or both;

3128 *SS26/R1349**SS26/R1349PS* ~ OFFICIAL ~ 25/SS26/R134925/SS26/R1349PS PAGE 9(rdd\tb)9 (r) The amount deposited in a medical savings account, and any interest accrued thereon, that is a part of a medical savings account program as specified in the Medical Savings Account Act under Sections 71-9-1 through 71-9-9;

3128 *SS26/R1349**SS26/R1349PS* ~ OFFICIAL ~ 25/SS26/R134925/SS26/R1349PS PAGE 10(rdd\tb)10 was required to, and did in fact, add back the expense of such transactions as required by Section 27-7-17(2).

3128 *SS26/R1349**SS26/R1349PS* ~ OFFICIAL ~ 25/SS26/R134925/SS26/R1349PS PAGE 11(rdd\tb)11 shall be included in gross income, except as otherwise provided by Sections 83-62-7 and 83-62-9.

3128 *SS26/R1349**SS26/R1349PS* ~ OFFICIAL ~ 25/SS26/R134925/SS26/R1349PS PAGE 12(rdd\tb)12 1.

3128 *SS26/R1349**SS26/R1349PS* ~ OFFICIAL ~ 25/SS26/R134925/SS26/R1349PS PAGE 13(rdd\tb)13 (ff) For the 2010 taxable year and any taxable year thereafter, amounts converted in accordance with the United States Internal Revenue Code, as amended, from a traditional Individual Retirement Account to a Roth Individual Retirement Account.

3128 *SS26/R1349**SS26/R1349PS* ~ OFFICIAL ~ 25/SS26/R134925/SS26/R1349PS PAGE 14(rdd\tb)14 account and any interest or other income earned attributable to an account and monies or funds withdrawn or distributed from an account for the payment of eligible costs by or on behalf of a qualified beneficiary;

3128 *SS26/R1349**SS26/R1349PS* ~ OFFICIAL ~ 25/SS26/R134925/SS26/R1349PS PAGE 15(rdd\tb)15 (viii) Livestock Risk Protection Insurance Program;

3128 *SS26/R1349**SS26/R1349PS* ~ OFFICIAL ~ 25/SS26/R134925/SS26/R1349PS PAGE 16(rdd\tb)16 the Armed Forces of the United States for any month during any part of which such member is in a missing status, as defined in paragraph (d) of this subsection, during the Vietnam Conflict as a result of such conflict.

3128 *SS26/R1349**SS26/R1349PS* ~ OFFICIAL ~ 25/SS26/R134925/SS26/R1349PS PAGE 17(rdd\tb)17 does not include the status of an employee or member of the Armed Forces for a period during which he is officially determined to be absent from his post of duty without authority.

3128 *SS26/R1349**SS26/R1349PS* ~ OFFICIAL ~ 25/SS26/R134925/SS26/R1349PS PAGE 18(rdd\tb)18 (6) A shareholder of an S corporation, as defined in Section 27-8-3(1)(g), shall take into account the income, loss, deduction or credit of the S corporation only to the extent provided in Section 27-8-7(2).

3128 *SS26/R1349**SS26/R1349PS* ~ OFFICIAL ~ 25/SS26/R134925/SS26/R1349PS PAGE 19(rdd\tb)19 (4) Eligible members who meet the reimbursement application requirements as established by the department shall receive a reimbursement for eligible Tricare Reserve Select premiums paid at the current member-only Tricare Reserve Select premium rate.

3128 *SS26/R1349**SS26/R1349PS* ~ OFFICIAL ~ 25/SS26/R134925/SS26/R1349PS ST:

"Strengthening Troop Retention for Our PAGE 20(rdd\tb)20 National Guard (STRONG) Act";