Lawmakers set hearings on income tax elimination or cuts

Lawmakers plan to hold two days of hearings on eliminating or cutting Mississippi’s individual income tax on Aug. 25 and 26.

The hearings will be before a joint select committee of eight senators and eight House members, selected by the lieutenant governor and speaker, Senate Finance Chairman Josh Harkins said on Tuesday. Harkins said the hearings will likely include testimony from state and national tax experts, agency leaders and business people, but its itinerary hasn’t been finalized.

The hearings are in response to House Speaker Philip Gunn’s push to eliminate the state’s individual income tax, cut taxes on groceries in half and increase sales and other taxes to make up the lost revenue. The House in this year’s legislative session passed Gunn’s plan, but the Senate killed it without a vote, saying the plan needed more vetting and vowing to study it over the summer and fall.

Recently, Lt. Gov. Delbert Hosemann said, “The Senate will hold hearings … on comprehensive tax reform, and we have invited the House to join us.” While he has stopped short of agreeing that individual income taxes can be eliminated, Hosemann has said recently he expects at least a cut in income taxes, with state revenues coming in at a record click recently.