This week we passed a major tax cut bill called the Taxpayer Pay Raise Act of 2016. Senate Bill 2825 would phase out income tax on the first $5,000 of taxable income and gradually eliminate franchise tax on the property of businesses and their capital. The idea is that Senate Bill 2858 will reduce the tax burden on small businesses, making it easier for them to grow and reinvest.
The bill would also eliminate the 3 percent and 4 percent tax brackets levied on income, keeping more money in the pockets of taxpayers.
As I mentioned in my last newsletter, the legislature in conjunction with Governor Bryant’s 1.5% budget cuts, has voluntarily elected to reduce the legislative budget. Thus we have pushed up our Sine Die date to April 24th from May 8th.
On Thursday February 4th, the legislature convened a special session in order to authorize Mississippi’s largest economic development project to date. The House first took up the bill and after several hours of discussion pasted the