Mississippi House and Senate conferees reach agreement on tax cut deal
MEMPHIS, Tenn. (WMC) - Three House and three Senate conferees have reached an agreement that would provide Mississippians with the largest tax cut in the state’s history.
The agreement would phase in more than $500 million in tax cuts over the next four years.
In the first year, the agreement would eliminate the current 4% bracket that currently applies to the first $5,000 in taxed income in Mississippi.
In the next three years, rates that apply to all income over $10,000 would be reduced from 5% to 4%.
At the end of the four years there would be a higher threshold before any taxes are owed. There would also be a lower, flat rate on all taxable income in the state.
The agreement still has to go before the full House and Senate for voting. The deadline for adoption of the conference report is Monday.
“If passed and signed into law, the agreement reached between House and Senate leadership would represent the largest tax cut in Mississippi history,” said Empower Mississippi President Russ Latino. “It’s good, responsible, conservative policy. Eliminating the current four percent bracket will provide immediate relief to working families. Creating a simple, lower flat tax will make us more competitive across the region and put money back into the pockets of the people who earned it. We’re hopeful the legislature will seize upon this historic agreement.”
Copyright 2022 WMC. All rights reserved.
Click here to sign up for our newsletter!
Click here to report a spelling or grammar error. Please include the headline.