House Bill 799 is being called the Mississippi Taxpayer Fairness Act. Governor Phil Bryant said the state's current laws were putting the state's growth in jeopardy.
"We were at a tipping point in the state when corporations across America were saying that is the most business friendly environment in the country," said Bryant. "But its taxing system doesn't seem to be fair."
Yet, the Department of Revenue has estimated the changes could equal the state losing $100 million a year. Governor Bryant is skeptical about that.
"If it's not fair to the taxpayer then it's not worth $100 million dollars a year," described Bryant. "I think those numbers are quite large. I'd love to see next year what they truly are."
The bill was signed following the Mississippi Economic Council's annual meeting. The group was a driving lobbying force behind the bill.
One part of the law could make it harder for the state to force multi-state corporations to pay more income taxes. Lieutenant Governor Tate Reeves says they want to hold people accountable but at a reasonable level.
"We have to have a system in place to ensure that if they earn the income in Mississippi that they pay the taxes in Mississippi," explained Reeves. "But if they're earning income in other states and they're subject to those tax rates outside the state, then they shouldn't be double taxed."
If you don't pay up on state income taxes on time, interest rates start to pile up. With the new law, that rate won't get as high as it has in the past.
"Over the next five years, we'll reduce that 12% rate to a 6% percent rate," said Reeves.
Governor Bryant also signed a bill today that will give tax exemptions and incentives to businesses willing to located in Mississippi. Those businesses would have to create a minimum of 20 jobs.
Tuesday, September 16 2014 2:19 AM EDT2014-09-16 06:19:17 GMT
Lincoln County Sheriff Steve Rushing says his office is working a death pending case, involving two bodies found Monday afternoon.Family members went by to check on a mother and son and found both of themMore >>
Lincoln County Sheriff Steve Rushing says his office is working a death pending case, involving two bodies found Monday afternoon.More >>
Tuesday, September 16 2014 12:24 PM EDT2014-09-16 16:24:15 GMT
We're trying to get more information now on a body found in Jackson this morning. We have few details available, but JPD confirms a man was found dead around 5 am at I-55 North, near Beasley Road andMore >>
We have few details available, but JPD confirms a man was found dead around 5 am at I-55 North and Beasley Road.
Tuesday, September 16 2014 10:39 AM EDT2014-09-16 14:39:00 GMT
MDOT is reporting a large accident at I-55 N before MS 463 in Madison. Skycopter traffic reports that the incident could be 2 separate accidents involving up to 9 cars. All lanes are blocked and theMore >>
All lanes are back open and traffic is flowing smoothly.
Tuesday, September 16 2014 2:18 AM EDT2014-09-16 06:18:35 GMT
We're in the beginning of Fall Harvest season and some Holmes County farmers are already experiencing set backs. A number of thefts targeting farmers have been reported in Holmes County. Sheriff WillieMore >>
Sheriff Willie March says his department has received four reports of stolen farm equipment. Some of the stolen tractors are valued at up to $55,000 dollars.More >>
Tuesday, September 16 2014 12:23 PM EDT2014-09-16 16:23:56 GMT
Fire fighters are on the scene of a massive house fire burning in West Jackson. It started before 4:00am on Patann Street near Boling Street. That's near Medgar Evers Blvd. Flames have completely engulfedMore >>
Flames completely engulfed the home. It's not clear what sparked the flames, but the house was vacant at the time of the fire so there were no injuries.
Tuesday, September 16 2014 10:11 AM EDT2014-09-16 14:11:21 GMT
An 18-year-old University of Virginia student has been missing since Saturday and police are concerned about her safety. Hannah Elizabeth Graham sent her friends a text message around 1:20 a.m. on Saturday,More >>
An 18-year-old University of Virginia student has been missing since Saturday and police are concerned about her safety.More >>
Tuesday, September 16 2014 1:42 AM EDT2014-09-16 05:42:19 GMT
Relief is on the way for motorists in Brandon who travel through the Highway 80 and Interstate 20 intersection. Planned construction will improve a high accident area at the on ramp there. "It's justMore >>
Relief is on the way for motorists in Brandon who travel through the Highway 80 and Interstate 20 intersection. Planned construction will improve a high accident area at the on ramp there.More >>
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