Mississippi Governor Signs Massive Income Tax Cut Plan (1)

Mississippi Gov. Tate Reeves (R) signed legislation Tuesday enacting roughly $525 million a year in tax cuts and moving the state closer to eliminating its personal income tax.

The legislation (H.B. 531) will eliminate the state’s 4% income tax bracket and gradually reduce the 5% tax bracket to 4% by 2026.By 2026, the measure requires lawmakers to consider additional tax cuts until the individual income tax is eliminated.

• Reeves told reporters in Jackson, Miss., that he would push to eliminate the personal income tax even in the 2023 legislative session. “I think we’re all ...