The Associated Press is reporting that Lt. Gov. Tate Reeves will propose eliminating the franchise tax on business capital Tuesday as part of a larger package of tax cuts.
Senate Finance Committee Chairman Joey Fillingane, R-Sumrall, confirmed to The Associated Press that Reeves will propose on Tuesday a phased-in elimination of the $220-million-a-year franchise tax. He said it also will include tax relief for individuals.
“I think you’re going to see, once the plan is unveiled, that all the taxpayers in the state are going to get relief,” Fillingane said Monday.
A spokeswoman for the Republican Reeves didn’t respond to requests for comment Monday. The individual tax cuts were less clear, and Fillingane declined to provide details.
Late last year with 2015 elections looming and McDaniel’s strong showing in the US Senate race, Reeves began selling the revival of franchise tax cut as a new idea.