JACKSON, Mississippi — Republican Lt. Gov. Tate Reeves on Monday floated a larger $555 million tax cut proposal with more income tax cuts, setting the stage for negotiations as the end of the legislative session approaches.
Reeves originally proposed a $396 million tax cut over 10 years, aimed at phasing out corporate franchise taxes and cutting some income taxes. House members countered with a plan to phase out all $1.7 billion in individual income tax collections over 15 or more years, depending on revenues.
Now, Reeves wants to go further on income taxes, cutting another $157 million in income taxes over another five years. And unlike the House plan, state revenues would not have to grow by a certain amount for the tax breaks to take place.
The Senate Finance Committee amended House Bill 1629 Monday to conform with Reeves’ plan. It passed on a split voice vote and is likely to be considered Tuesday on the Senate floor.