Mississippi Senate advances 1 tax cut plan; another awaits
2 years, 10 months ago

Mississippi Senate advances 1 tax cut plan; another awaits

Associated Press  

— The Republican-controlled Mississippi Senate voted 40-11 Wednesday to pass a bill that would cut hundreds of millions of dollars in state revenue by phasing out part of the income tax and reducing the sales tax on groceries. Legislatures in several states are considering tax cuts this year, including South Carolina, where a bill to reduce the income tax received bipartisan support Wednesday. Senate Bill 3164 would eliminate part of the income tax, while House Bill 531 would phase out the income tax over several years. The Senate bill includes one-time income tax rebates of $100 to $1,000, with larger rebates going to people with larger incomes.

Tax Senate Republican State House Twitter Mississippi Bill Cut Plan Larger Income  tax  advances  sales  bill  larger  income  senate  state  taxes  house  mississippi  cut  plan  awaits

History of this topic

Mississippi’s Republican governor pushes income-tax cut, says critics rely on ‘myths’
2 months, 4 weeks ago

Mississippi’s Republican governor pushes income-tax cut, says critics rely on ‘myths’

Associated Press  

Tate Reeves said Tuesday that legislators should ignore “myths” from opponents who want to block efforts by him and some other Republican leaders to phase out the state’s income tax. Mississippi collected almost one-third of its general fund revenue from the individual income tax during the budget year that ended June 30, 2023, according to the state Department of Revenue. …

Mississippi House panel starts study that could lead to tax cuts
3 months, 2 weeks ago

Mississippi House panel starts study that could lead to tax cuts

Associated Press  

— Mississippi lawmakers could consider a comprehensive proposal next year to make the state’s tax system fairer and more efficient, a state House leader said Wednesday. “Eliminating the tax on work in the state of Mississippi is our goal — and how we can do that responsibly and in as quick a time as we can.” Lamar and Republican Rep. …

Mississippi Republican governor again calls for phasing out personal income tax in his budget plan
10 months, 3 weeks ago

Mississippi Republican governor again calls for phasing out personal income tax in his budget plan

Associated Press  

Tate Reeves is renewing his call for legislators to phase out the state’s personal income tax over several years, and he is asking them to spend more money on economic development, highways and the judiciary. “Rather, it requires that our government lives within its means.” The expansion of Capitol Police is mandated in a law enacted last year over objections …

Mississippi governor rejects revenue estimate, fearing it would erode support for income tax cut
1 year, 1 month ago

Mississippi governor rejects revenue estimate, fearing it would erode support for income tax cut

Associated Press  

Tate Reeves refused to approve top lawmakers’ proposed revenue estimate Wednesday, fearing a lower projection than he wanted would prevent him from justifying future income tax cuts. The rare move comes as Reeves pushes for a revenue estimate that would shore up political support for a future income tax cut. Reeves later said he would agree to the revenue estimate …

Arkansas lawmakers approve $124 million income tax cut plan
1 year, 8 months ago

Arkansas lawmakers approve $124 million income tax cut plan

Associated Press  

— Arkansas lawmakers on Wednesday approved a plan by Republican Gov. Sarah Huckabee Sanders and legislative leaders to cut individual and corporate income taxes by $124 million a year. The bill, which now heads to Sanders’ desk, also cuts the top corporate income tax rate to 5.1% from 5.3%. “The more we cut income taxes, the heavier the burden to …

Mississippi session: Yes to moms’ Medicaid, no to tax cuts
1 year, 8 months ago

Mississippi session: Yes to moms’ Medicaid, no to tax cuts

Associated Press  

— During the three-month session that ended early Saturday, Mississippi lawmakers guaranteed a year of Medicaid coverage for women after birth but ignored broader Medicaid expansion for working people whose jobs don’t provide health insurance. Here’s a look other issues: TAXES: Republican House Speaker Philip Gunn isn’t seeking reelection this year, and one of his main goals was to phase …

Mississippi tax cut bills stall despite GOP leaders’ push
1 year, 10 months ago

Mississippi tax cut bills stall despite GOP leaders’ push

Associated Press  

— Tax relief proposals favored by Mississippi Gov. But a group of lawmakers is concerned about passing another income tax cut ahead of November’s legislative elections, Lamar said. “Coming off the heels of last year’s income tax bill, and this being an election year, there are a few that would just prefer to wait a little longer before making further …

Mississippi Gov. to push for full elimination of income tax
2 years, 1 month ago

Mississippi Gov. to push for full elimination of income tax

Associated Press  

JACKSON, Miss — Mississippi Gov. “This session I hope that’s not the case.” Mississippi’s Republican-controlled legislature passed legislation in 2022 that will eliminate the state’s 4% income tax bracket starting in 2023. Republican House speaker Philip Gunn has said full elimination of the state income tax is “achievable,” though he hasn’t committed to doing so in the 2023 session. We …

Missouri lawmakers pass bill to cut income taxes
2 years, 2 months ago

Missouri lawmakers pass bill to cut income taxes

Associated Press  

— Missouri lawmakers on Thursday gave final approval to an income tax cut that Gov. The Republican-led Missouri House voted 98-32 in favor of the bill, which would cut income taxes from 5.3% to 4.95% beginning next year and phase in additional cuts until the rate hits 4.5%. The roughly $1 billion measure also eliminates the lowest tax bracket, meaning …

Missouri Senate moves on compromise plan to cut income taxes
2 years, 3 months ago

Missouri Senate moves on compromise plan to cut income taxes

Associated Press  

— Missouri senators on Tuesday gave first-round approval to a bill to cut state individual income taxes as called for by Republican Gov. The GOP-led Senate’s compromise plan would immediately cut the top income tax rate from the current 5.3% down to 4.95%. Under the Senate’s proposal, gradual cuts to the top income tax rate would be triggered by general …

A few SC senators regret $1B tax rebate as$12B budget passes
2 years, 7 months ago

A few SC senators regret $1B tax rebate as$12B budget passes

Associated Press  

COLUMBIA, S.C. — Some Republicans in the South Carolina Senate had a little remorse over taking $1 billion out of the state budget to give income taxpayers rebates. The senators took control of the chamber’s $12.6 billion budget debate for several hours Wednesday, unsuccessfully pushing to have that money spent instead on road improvements, building rural schools, providing a $1,500 …

Mississippi governor signs state’s largest income tax cut
2 years, 8 months ago

Mississippi governor signs state’s largest income tax cut

Associated Press  

— Mississippi residents will pay lower income taxes in coming years as the state enacts its largest-ever tax cut. Supporters say a significant tax cut could spur economic growth and attract new residents to Mississippi, which was one of three states that lost population during the decade before the 2020 census. Opponents say reducing the income tax would mean less …

Mississippi lawmakers aim to finish budget and end session
2 years, 8 months ago

Mississippi lawmakers aim to finish budget and end session

Associated Press  

— Mississippi legislators are returning to the Capitol on Monday with hopes of finishing their 2022 session. Tate Reeves said Friday that he intends to sign a bill that will authorize Mississippi’s largest-ever tax cut. “It’s a major tax cut that heads us in the direction of eliminating the income tax,” Reeves told reporters Friday at the Capitol. “Literally every …

Mississippi lawmakers pass largest-ever state income tax cut
2 years, 8 months ago

Mississippi lawmakers pass largest-ever state income tax cut

Associated Press  

— Mississippi, one of the poorest states in the nation with perpetually underfunded schools and struggling rural hospitals, had its largest-ever tax cut passed by lawmakers Sunday. The Republican-controlled state House and Senate voted by wide margins to pass a bill that would reduce the state income tax over four years, beginning in 2023. Opponents say reducing the income tax …

Top Mississippi lawmakers reach deal on income tax cut
2 years, 8 months ago

Top Mississippi lawmakers reach deal on income tax cut

Associated Press  

— Mississippi House and Senate leaders reached a deal Saturday to reduce the state income tax over four years, saying it would be the largest tax cut in the state’s history. Senate Finance Committee Chairman Josh Harkins, a Republican from Brandon, said the tax cut would reduce state revenue by $185 million the first year. “The goal is elimination of …

Mississippi gov says he’s ‘married’ to income tax phaseout
2 years, 8 months ago

Mississippi gov says he’s ‘married’ to income tax phaseout

Associated Press  

Tate Reeves insisted Thursday that legislators pass a bill to phase out the state income tax, but other Republicans who lead the House and Senate remained far apart on the issue. He said Thursday that he wants the state to reduce the top income tax rate from 5% to 3.5% next January, then phase out the rest of the income …

SC Senate unanimously passes income tax cut and rebate
2 years, 9 months ago

SC Senate unanimously passes income tax cut and rebate

Associated Press  

COLUMBIA, S.C. — The South Carolina Senate unanimously passed a $2 billion income tax cut and rebate bill, setting up what will likely be intense negotiations with the House over the $1 billion tax cut it passed last month. The proposal would send a rebate of at least $100 to everyone who files an income tax return in South Carolina, …

Every SC taxpayer gets at least $100 rebate in Senate bill
2 years, 9 months ago

Every SC taxpayer gets at least $100 rebate in Senate bill

Associated Press  

COLUMBIA, S.C. — Everybody who files an income tax return in South Carolina — even the more than 1 million people who pay no state income tax — would get a rebate check of at least $100 in a bill being considered by the state Senate. They make up about half of a $2 billion package that would also cut …

Income-tax phaseout up for debate in long-poor Mississippi
2 years, 10 months ago

Income-tax phaseout up for debate in long-poor Mississippi

Associated Press  

— Mississippi is accustomed to being first in worsts: It’s one of the poorest, unhealthiest states in the nation, with public schools that are chronically underfunded. Opponents say erasing the income tax is a terrible idea because it would mean even less money for schools, health care, roads and other services, especially hurting poor and working-class residents. “The notion that …

SC Senate ups ante to $2 billion in income tax cut debate
2 years, 10 months ago

SC Senate ups ante to $2 billion in income tax cut debate

Associated Press  

COLUMBIA, S.C. — The financial leader in the South Carolina Senate proposed nearly $2 billion in income tax cuts and rebates on Thursday, adding an even larger number to the debate on cutting taxes heating up in the General Assembly. “You can’t out tax cut Harvey Peeler, so let’s get down to the negotiation table,” he said. “If a tax …

Mississippi Senate unveils proposal to reduce some taxes
2 years, 10 months ago

Mississippi Senate unveils proposal to reduce some taxes

Associated Press  

— Mississippi Senate leaders unveiled a tax cut proposal Tuesday that they described as a sustainable way to reduce what people pay to the government while maintaining enough money to pay for schools and other services. The plan would reduce the income tax, but it would not eliminate that tax as House leaders are proposing. The Senate plan also would …

Mississippi House takes 1st step to approve tax cut plan
2 years, 11 months ago

Mississippi House takes 1st step to approve tax cut plan

Associated Press  

— Mississippi would phase out its income tax, reduce the sales tax on groceries and set a higher sales tax rate on many other items, under a bill that advanced Wednesday through the state House. “The bill this year is much simpler, easier to understand, and I would say to you an improved product over the bill that passed overwhelmingly …

Arkansas lawmakers OK massive tax cuts, adjourn session
3 years ago

Arkansas lawmakers OK massive tax cuts, adjourn session

Associated Press  

— Arkansas lawmakers on Thursday approved the largest tax cut in state history, adjourning a special session without taking up an abortion ban modeled after Texas’ or other measures some Republican lawmakers hoped to add to the agenda. For an individual who happens to be paying a small portion of taxes, percentage-wise they’re getting a larger cut in their taxes.” …

Treasury says state tax cuts OK if separated from virus aid
3 years, 9 months ago

Treasury says state tax cuts OK if separated from virus aid

Associated Press  

— Responding to concerns from state officials, the U.S. Treasury Department said Wednesday that states can cut taxes without penalty under a new federal pandemic relief law — so long as they use their own funds to offset those cuts. Republican attorneys general from 21 other states wrote to Treasury Secretary Janet Yellen seeking clarification on the prohibition, which they …

Discover Related