Lt. Governor Reeves To Propose Franchise Tax Elimination
JACKSON, Miss. (AP) – Lt. Gov. Tate Reeves will propose eliminating Mississippi’s franchise tax on business capital as part of a larger package of tax cuts.
Senate Finance Committee Chairman Joey Fillingane confirms to The Associated Press that Reeves will propose a phased-in elimination of the franchise tax Tuesday. Fillingane says the package will also include tax relief for individuals.
Mississippi lawmakers have passed 34 bills granting more than $350 million in tax relief to businesses since 2012, according to calculations by the Legislative Budget Office and the AP. The move comes as lawmakers continue to fall far short of funding K-12 schools and community colleges at levels lawmakers have promised.
Mississippi has collected about $220 million a year in franchise taxes over the past four years, according to the Mississippi Economic Policy Center.
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