Major Tax Bill Now on Governor’s Desk

JACKSON, Miss. (WCBI) – A bill that would cut state revenues by $415 million over the next 12 years is on the Governor’s Desk, awaiting his signature.

Senate Bill 2858 passed the upper chamber on a 36 to 14 vote Monday night, after the House passed the measure on a close vote earlier in the day.

The bill would phase out Mississippi’s $260 million dollar a year corporate franchise tax, something business groups have been lobbying for for several years..

It would also cut $145 million in income taxes, raising the threshold for paying state income taxes to $10,000.00.

Anyone making that much would get a $150.00 tax cut. Those reductions would begin in 2018.

Starting this year, Mississippi will lower its taxes on self-employment.

This measure will cut $3.4 million out of the budget beginning July first, and $10.2 million over three years.