Mississippi Governor Signs Build Up Mississippi Act, Includes Individual Income Tax Reduction

The Mississippi Governor signed the Build Up Mississippi Act. The law includes: 1) reducing the individual income tax on all taxable income in excess of $10,000 to 3.75 percent for 2027, 3.5 percent for 2028, 3.25 percent for 2029, and 3 percent for 2030 and all subsequent years; 2) providing for the additional reduction of the individual income tax under certain conditions; 3) reducing the sales tax on groceries from 7 percent to 5 percent from and after July 1; and 4) increasing the excise taxes on gasoline and certain special fuels to $0.21 per gallon from July 1, 2025, ...