Lt. Gov. proposes alternative tax cut plan

The House and the Senate have passed competing tax cut proposals:

  • The Senate passed  SB 2839 that would eliminate the corporate franchise tax over 10 years and provide breaks for small businesses and eliminate the 3% bracket on personal income taxes.
  • The House passed HB 1629 bill eliminating the personal income tax altogether within 15 years conditioned upon a 3% or better “growth trigger.”

Lt. Gov. Tate Reeves has offered a compromise: implement the Senate plan over 10 years and then eliminate the state’s 4 percent income tax bracket over the next 5 years for individuals and businesses with no growth triggers.

The Senate Finance Committee has passed the compromise but the Speaker of the House Philip Gunn has not yet considered it.

Related links:

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s