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JACKSON – The House Ways and Means Committee today removed much of the proposed tax relief to Mississippians in Senate Bill 2858, the Taxpayer Pay Raise Act.
Lt. Gov. Tate Reeves issued the following statement:
“I appreciate Chairman Smith and the House Ways and Means Committee for keeping alive the hopes of meaningful long-term tax relief this session,” Lt. Gov. Reeves said. “The simple question that must be answered in the coming days: how many representatives share my core philosophical belief that lower taxes and less government will lead to a stronger economy and more jobs?”
Senate Bill 2858, sponsored by Finance Chairman Sen. Joey Fillingane, R-Sumrall, passed the Senate in a large bipartisan vote, 39-11. The bill is similar to a compromise plan presented in 2015 that was killed by House Democrats.
The $575 million tax relief plan included:
Eliminating the 3 percent and 4 percent tax brackets levied on income,
Reducing the overall tax burden on small business owners, and
Removing the investment penalty, or franchise tax, on businesses’ property and capital.
