Gov. Tate Reeves signed House Bill 531 Tuesday, which gives Mississippians the largest tax cut in the state’s history.
The bill will return more than $500 million to Mississippi taxpayers, eliminate the existing 4% tax bracket, and lower the existing 5% tax bracket to 4%.
After the first year, the tax-free income levels will be $18,300 for a single person and $36,600 for a married couple.
With this new law, Mississippi will have the fifth-lowest marginal tax rate in the nation, among states with an income tax.
“There are some whose first inclination would be to immediately spend this money and grow government,” Reeves said. “These individuals have a wish list of pet projects that seems to be miles long and ever-growing. I believe we should help Mississippians bring home the bacon before another dime is spent on government pork. We will do this by giving back the money they gave the government.”
Governor Reeves signed the bill during a press conference.
The full press conference can be viewed below.
Staff report
