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State NewsLegislature sends tax relief bill to governor

Legislature sends tax relief bill to governor

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A day after the House and Senate leaders came to an agreement on a tax relief proposal, both chambers overwhelmingly voted for the bill today.

House Bill 531, the Mississippi Tax Freedom Act of 2022, will lower the top marginal income tax rate from 5 percent to 4 percent over the next four years. The final bill passed the House 92-23 and the Senate 39-10.

The agreement phases in the more than $500 million tax cut over the next four years.

– In the first year, it would eliminate Mississippi’s current 4 percent bracket that currently applies to the first $5,000 in taxed income.

– In years two through four, it would reduce the rate that applies to all income over $10,000 from 5 percent down to 4 percent.

The end result would be a higher threshold before any taxes are owed and a lower, flat rate on all taxable income. When fully phased in, Mississippi will be one of just 10 states with a flat tax and will have the fourth lowest rate among the 41 states with an income tax.

The bill will soon head to Gov. Tate Reeves for his signature.

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