Video: House Panel Guts Senate Bill Involving Tax Cuts

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JACKSON, Miss. (AP) — The House Ways and Means Committee has gutted a Senate bill that would have phased in nearly $600 million in corporate and individual income tax cuts over 15 years.

The new House version would eliminate the 3-percent state individual income tax bracket – on income from $8,300 to $13,300 – in 2017, at a cost of $134 million to state coffers.

But Committee Chairman Jeff Smith, R-Columbus, in an interview with a newspaper after Monday’s committee meeting, indicated that cut is not likely to survive the House, either.

Lt. Gov. Tate Reeves and Senate leaders also are pushing for a phase-out of the corporate franchise tax of $2.50 on every $1,000 of a business’ capital as well as the 3 percent and 4 percent individual income tax brackets.