Lawmakers dealing with finances, taxes may soon be dealing with …

Dec 15, 2024 · During the fiscal year that ended on June 30 of this year, the state collected $7.71 billion —only $18.4 million more than was collected the prior year. And if not for $68.7 million …

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Lawmakers Dealing With Finances, Taxes May Soon Be Dealing With …

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mississippitoday.org

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Senate Panel Weighs How Much -- Or Whether -- To Cut State Taxes

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Nov 4, 2024 · The state collects the tax but remits 18.5% back to cities. For many municipalities, the sales tax is a significant source of revenue. If state lawmakers want to reduce the grocery …

mississippitoday.org

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Analysis: Could Mississippi Afford To Eliminate State Income Tax?

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Sep 29, 2024 · The income tax accounts for between 25% and 30% of total general fund revenue even after the $145 million cut to the tax in 2016 followed in 2022 by a $525 million income tax …

sunherald.com

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Big Cuts To Property And Grocery Taxes In Play In Mississippi?

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May 23, 2024 · While the earlier plan to eliminate the income tax and to reduce the grocery tax was rejected, it did lead to a $525 million income tax cut – the largest in state history. It will not …

sunherald.com

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Mississippi Lawmakers Pass Largest-ever State Income Tax Cut - Yahoo

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Mar 27, 2022 · Harkins said the tax cut would reduce state revenue by $185 million the first year. By the final year, the figure would be $525 million. By the final year, the figure would be $525 …

yahoo.com

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Tax Cut Supporters’ Numbers Might Not Tell The Whole Story

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Sep 29, 2024 · Perhaps a simpler way to look at the numbers is that the tax on income generates almost 30% of state general-fund revenue. When the $525 million 2022 tax cut is fully phased …

mississippitoday.org

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[SEC] Announces $741.0 Million Of Total Revenue Was Divided

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[SEC] announces $741.0 million of total revenue was divided among its 14 universities for 2022-23 fiscal year. ... And Arkansas is thankful for Mississippi - although OK is closing fast of what …

reddit.com

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Mississippi Senate To Drop Tax Reduction Plan To Eliminate 4

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Feb 2, 2022 · The proposal has a recurring tax reduction of $316.6 million by 2026 and a one-time tax rebate of $130 million, according to preliminary numbers provided by the Legislative …

magnoliatribune.com

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Mississippi Income, Grocery Sales Taxes Slated For Cuts In 2025

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6 days ago · In total for Fiscal Year 2017, Bryant was forced to make four rounds of emergency budget cuts totaling $170 million and pulled $11 million from the state's rainy-day fund when …

clarionledger.com

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New MS Senate Tax Study Committee Looking At Tax Cuts, Fiscal Policy

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Sep 3, 2024 · In 2022, the Legislature enacted the largest tax cut in state history. Once fully phased in it will reduce the top taxation rate from 5% to 4%, and the total tax cut will eliminate …

clarionledger.com

FAQs about Lawmakers dealing with finances, taxes may soon be dealing with … Coupon?

Who wants to cut Mississippi's income tax?

On one side of the Mississippi State Capitol Building, House Speaker Jason White, R-West, wants to cut the state's personal income tax, which by Fiscal Year 2027 will be at 4% flat. Meanwhile, Lt. Gov. Delbert Hosemann wants to cut the state's 7% grocery sales tax, one of the highest in the nation. ...

How much will Mississippi's tax cut cost?

Under the plan, Gunn said the first $18,000 for a single tax filer will be exempt from taxation and the first $36,000 for a married couple. The overall cost of the program to the state budget will be about $525 million annually when fully enacted. “This tax cut is the largest in Mississippi’s history. ...

What is the Mississippi Senate's plan to cut taxes?

JACKSON, Miss. (AP) — The Republican-controlled Mississippi Senate voted 40-11 Wednesday to pass a bill that would cut hundreds of millions of dollars in state revenue by phasing out part of the income tax and reducing the sales tax on groceries. ...

What will Mississippi's tax code look like this year?

Legislative leadership in Mississippi is eyeing cuts to the state's tax code. This year, the potential tax code targets will largely take the form of income tax cuts and sales tax cuts, with a conversation also to be had about loosening state restrictions on local-option taxes and funding for the Mississippi Department of Transportation. ...

Is Mississippi phasing in a major income tax cut?

Mississippi is already phasing in a major income tax cut. After rancorous debate in 2022, lawmakers agreed to leave Mississippi with a flat 4% tax on income over $10,000, one of the lowest rates in the nation, by 2026. Get the latest Mississippi news delivered to your inbox on weekday mornings. Sign up for The Today, our daily newsletter. ...

How does income tax affect Mississippi's budget?

The income tax accounts for nearly one-third of the state's budget, which may cause lawmakers to find other ways to increase state revenue to make it up. Meanwhile, many towns and cities in Mississippi rely on sales tax revenue from groceries to fund local government. ...