NFIB State Director Dawn McVea today thanked Gov. Tate Reeves for signing House Bill 531, legislation that will ease the financial pressure on Mississippi’s small businesses by reducing taxes:
“This is a big victory for Mississippi’s small businesses, which are struggling with higher fuel prices and soaring inflation. We had hoped the legislature would eliminate the state income tax altogether, but HB 531 will eliminate the 4 percent tax bracket altogether and reduce the 5 percent tax bracket to 4 percent by 2026. That helps our members because most small businesses in the state are organized as pass-through entities, meaning owners pay taxes at the individual rather than the corporate rate.
“On behalf of our members, I want to thank House Speaker Philip Gunn, Lt. Gov. Delbert Hosemann, Sen. Josh Harkins, and Representatives Trey Lamar and Jason White for working together to craft this legislative and, of course, to Governor Reeves for signing it into law.”