Legislature sends $415 million tax cut to Governor Bryant for approval. 


  

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.

READ MORE

Advertisements

Leave a comment

Filed under Uncategorized

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s