Video: Governor Tries to Delay Small Business Tax
JACKSON, Miss. (WCBI)- The tax man cometh. But for some small Mississippi businesses, he may hold off until July. Governor Phil Bryant plans to ask state lawmakers to keep a law intact that will help small business owners. Current law allows some employers to delay paying their taxes until July. But time have been tight. And, each year legislators change the law, forcing businesses with a monthly tax bill of $50,000 dollars or less to pay up- early. Sticking to the actual law will help with cash flow and job creation, Bryant says. The governor’s recommendation means $35 million less to budget during the 2013 session. But Bryant’s advisors say forcing small businesses to pay taxes early forced some to borrow funds, creating a cash-flow nightmare, and even led to employee layoffs.