House passes phase-out of income tax

The state House, after two hours of debate, approved a measure to eliminate the state's individual income tax over the next 15 years.

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The vote was 83-32, with 18 Democrats helping the GOP majority pass the measure, which required a 3/5, or 60 percent vote.

Currently, Mississippians pay a 3 percent income tax on their first $5,000 of income, 4 percent on the next $5,000 of income and 5 percent on income over $10,000. Under HB1629, authored by Rep. Brad Mayo, R-Oxford, and pushed by House Speaker Philip Gunn, the 3 percent income tax would be eliminated by 2019, the 4 percent income tax by 2022 and the 5 percent income tax by 2030.

"I am so proud of the House members who stepped up to support such a transformative income tax cut proposal," Gunn said. "This legislation will make a significant, positive impact on the lives of the hard-working Mississippians paying income tax. They will be able to keep more of the money they earn, in turn stimulating economic growth."