Tax cut package passes Mississippi House, Senate

Lawmakers slash budgets, borrow, cut taxes

The tax cut deal, starting in 2018, would begin phasing out the corporate franchise tax over 10 years and cost $260 million, and the 3 percent individual income tax bracket over five years, eventually costing $415 million. For the fiscal 2017 budget lawmakers continued to set on Monday, the deal would cost $3 million from a reduction in a small-business tax.

The tax cuts, which required a three-fifths vote, passed the House 73-44 and the Senate 36-14.

ClarionLedger
4/18/16