Mississippi senators are backing a plan to cut business taxes and income taxes by $555 million over 15 years.
The Senate voted 40-11 Tuesday to pass House Bill 1629.
The bill goes to the House, which could accept it or seek negotiations.
It would cut income taxes by $304 million, eliminating up to the first $350 in income taxes for individual and corporate taxpayers. It would also phase out Mississippi’s $242 million corporate franchise tax, and reduce self-employment taxes by $9 million.