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.

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