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Mississippi Governor Proposes to Eliminate Individual Income Tax

Dated Nov. 16, 2021

Citations: FY2023

SUMMARY BY TAX ANALYSTS

In his fiscal 2023 executive budget recommendation, Mississippi Gov. Tate Reeves (R) proposed using the state’s $1 billion in excess revenue from fiscal 2021 to eliminate the 4 percent individual income tax bracket by 2023 and use future excess revenue to completely eliminate the tax in the next five years; the proposal would also use $200 million in federal American Rescue Plan Act (P.L. 117-2) funds to replenish the state’s Unemployment Insurance Trust Fund — which the governor reported has lost over $100 million since March 2020 — in order to save small businesses from higher taxes.

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