Mississippi tax cut deal: $415 million in cuts over 12 years
JACKSON, Miss. (AP) – Mississippi lawmakers want to phase in $415 million in tax cuts over the next 12 years.
House and Senate negotiators filed an agreement just before midnight Sunday on Senate Bill 2858 (http://bit.ly/1VxVt6Q).
The agreement would phase out Mississippi’s $260-million-a-year corporate franchise tax, a long-held goal of manufacturers, bankers and other business groups. It would also cut $145 million in income taxes, raising the threshold for paying state income taxes to $10,000. Anyone making that much would get a $150 tax cut.
Both those reductions would begin in 2018.
Starting this year, Mississippi would lower its taxes on self-employment, cutting $3.4 million out of the budget beginning July 1 and $10.2 million over three years.
Lt. Gov. Tate Reeves has pushed heavily for tax cuts, despite declining state revenues.
