New Law Changes State Tax Collections

JACKSON (AP) – Gov Phil Bryant has signed a new law that changes how Mississippi state government collects taxes.

Bryant signed the bill Thursday at the annual meeting of the Mississippi Economic Council. That state chamber of commerce was a prime force in lobbying for changes.

A key part of the law could make it harder for Mississippi to force multistate corporations to pay more income tax in the state.

The Department of Revenue has estimated all changes in the bill, including a phase-in of lower interest rates for overdue taxes, could cost Mississippi $100 million a year.

However, Bryant says tax fairness and being friendly to business are more important than state revenue.

The measure grew from a court case that enhanced the state’s ability to force out-of-state companies to pay more.