JACKSON, Miss. (WJTV) – On Tuesday, Lt. Governor Delbert Hosemann and Senate Finance Chairman Josh Harkins unveiled a $446.6M tax relief package.
According to Hosemann, the proposal includes:
- A reduction in the grocery tax from 7 percent to 5 percent, at a cost of about $118.4 million
- An elimination of the state’s fees on car tags going to the general fund, which would be about $13.3 million
- A 2022 rebate of up to $1,000 for citizens with tax liability, which totals about $130 million
- The elimination of the 4 percent tax bracket over the next four years, at a cost of $185 million
“Around the kitchen table, Mississippi families are talking about the significant impact of inflation on the cost of groceries and other goods and services which are necessities in daily life. The Senate’s plan is sustainable and directly tackles inflation without increasing any taxes,” Hosemann said.
Lawmakers said the Legislative Budget Office and Mississippi Department of Revenue vetted the numbers in the Senate plan. Harkins plans to bring the bill before the Senate Finance Committee in the coming weeks.