NFIB State Director Dawn McVea released the following statement today on House Bill 531, which passed the House and Senate on Sunday. The legislation would 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 a spike in fuel prices and soaring inflation. Our members had hoped the legislature would eliminate the state income tax altogether, but HB351 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.
“We want to thank House and Senate leaders for working together to reach this compromise and urge Governor Reeves to sign it into law.”