The efforts of Lt. Gov. Tate Reeves, Speaker Philip Gunn and Gov. Phil Bryant to pass a tax cut during the 2015 legislative session appear to have died a quiet and uneventful death Friday.
Friday was the deadline to reconsider the vote by which the House killed what Reeves had described as a compromise between what the House passed earlier this session and what was passed by the Senate.
But the Republicans could not muster the three-fifths vote earlier this week to pass the plan. Democrats voted in near unanimity against the proposal.
The Republican House leadership could have opted Friday to send the proposal to a House-Senate conference committee to hammer out a new agreement. But the new proposal, under the procedural rules, could have included only a cut in the income tax paid by individuals and businesses, not the elimination of the business franchise tax the leadership wanted. The business franchise tax is a tax on a company’s capital investment.
In conference the franchise tax could not have been part of an agreement because the House had not passed that plan earlier in the session. The House had passed legislation to completely eliminate the income tax over a period of time. So the conference agreement could have included only an income tax cut.