New law will change Mississippi tax collection procedures - WLOX.com - The News for South Mississippi

New law will change Mississippi tax collection procedures

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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.

 

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