Legislature’s tax measures a mixed bag
People toiling to have their income-tax returns done by Wednesday’s deadline can look ahead to a variety of changes the state Legislature recently made for Mississippi’s tax structure.
Most of the legislation impact sales taxes and take effect in July.
Among the new laws are a sales-tax holiday and a broadened sales-tax exemption on home-medical supplies for Medicaid and Medicare recipients. Another law makes sure people pay sales taxes on downloaded music and video bought through the Internet.
The Legislature approved a bill to provide an income-tax credit for furniture makers, but it was vetoed by Republican Gov. Haley Barbour.
Bills that died include measures to expand the homestead-tax exemption and cut the business-inventory tax.
The Legislature convened its annual session in January and recessed April 1 to return later to pass the state budget.
Still in flux this legislative session: a cigarette tax increase, the state’s diminishing car-tax reduction fund and a hospital tax to help plug up a Medicaid budget deficit.
Lt. Gov. Phil Bryant said the tax reductions passed by the Legislature are among the top achievements of the 2009 session.
“Targeted tax cuts were a central theme in my common-sense agenda. In this tough time, these tax cuts will help stimulate Mississippi’s economy,” said the Republican Senate president.
That was the impetus behind the furniture-industry tax break that passed the Legislature but which Barbour vetoed.
Commercial Dispatch 4/15/9
