The Mississippi Senate Finance Committee has adopted the Senate’s plan to gradually eliminate income tax in the state.This plan includes reducing the grocery tax from seven to five percent and income tax from four to zero percent.The reform will also increase the gas tax by three cents per gallon for the next three years and make changes to the Public Employees’ Retirement System (PERS) of Mississippi.Lt. Gov. Delbert Hosemann shared more about the plan Monday. “We’ve come up with a proposal that is fiscally responsible, that finally stops the bleedings on PERS and starts the process of making sure that we have enough money to pay our retirees, and we are continuing the road to eliminate the state income tax,” said Hosemann.The Senate’s tax reform is in contrast to House Bill 1.The House has not budged from their position. However, negotiations will continue Tuesday.
The Mississippi Senate Finance Committee has adopted the Senate’s plan to gradually eliminate income tax in the state.
This plan includes reducing the grocery tax from seven to five percent and income tax from four to zero percent.
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The reform will also increase the gas tax by three cents per gallon for the next three years and make changes to the Public Employees’ Retirement System (PERS) of Mississippi.
Lt. Gov. Delbert Hosemann shared more about the plan Monday.
“We’ve come up with a proposal that is fiscally responsible, that finally stops the bleedings on PERS and starts the process of making sure that we have enough money to pay our retirees, and we are continuing the road to eliminate the state income tax,” said Hosemann.
The Senate’s tax reform is in contrast to House Bill 1.
The House has not budged from their position. However, negotiations will continue Tuesday.
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