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Senate committee advances broad tax plan with income-tax triggers and retirement changes
Summary
The Senate Finance Committee on March 17 advanced a comprehensive tax package (House Bill 1) that would cut income-tax rates over time if revenue and reserve triggers are met, reduce the grocery tax, raise fuel excise taxes by 3¢ per year, and enact retirement-system changes including a Tier 5 hybrid and an ORP-match cap.
The Mississippi Senate Finance Committee advanced House Bill 1 on March 17 after extended debate about long-term revenue risks and retirement-system changes. Chair opened the bill as a Senate strike-all and described a multi-year plan to reduce the income-tax rate on taxable income above $10,000 through revenue-based triggers and reserve-fund thresholds. The sponsor explained a $400,000,000 baseline as the rough annual cost to cut 1 percentage point and said reductions would follow if revenue growth and reserve conditions are met.
The measure would reduce the grocery tax from 7% to 5% beginning July 1, 2025, index the gasoline excise tax with a 3¢…
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