Senators are sending a $415 million tax cut to Gov. Phil Bryant for his approval or veto.
The Senate gave final passage Monday to Senate Bill 2858 on a 36-14 vote, after House members voted 73-44 to pass it.
The agreement would phase out Mississippi’s $260-million-a-year corporate franchise tax, a long-held goal of business groups. It would also cut $145 million in income taxes, raising the threshold for paying state income taxes to $10,000. Anyone making that much would get a $150-a-year cut.
Those reductions would begin in 2018.
Starting in 2017, Mississippi would lower taxes on self-employment, cutting $10.2 million over three years.
As in the House, Democrats warned tax cuts would drain off state revenue, hurting Mississippi’s ability to provide needed government services.