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.
- House Bill 1629
- Senate Bill 2839
- Two tax cut plans likely add up to no tax cut in Mississippi
- Reeves floats tax cut compromise