JACKSON, Miss. (WJTV) – Two bills are on Governor Phil Bryant’s desk that concern money.
One that would cut taxes for businesses and taxpayers and the other would authorize the state to borrow money.
Senate Bill 2858, the franchise tax, will cut $260,000,000 in taxes from businesses over the course of 10 years.
The bill would also cut income taxes for taxpayers by $145,000,000.
State lawmakers have also passed House Bill 1729.
It authorizes the state to borrow $250,000,000 in bonds, adding to the state’s debt.
Representative Jay Hughes says the state is taking a big loss from not using the franchise tax.
“That’s funds that are going to children in the classroom, so it’s not about waste. The Department of Human Services has been cut, rehab services, mental health,” said Rep. Jay Hughes, a Democrat from District 12 in the House of Representatives.
Some lawmakers say the money from those bonds, in House Bill 1729 will go to colleges and universities, mental health facilities and to a road and bridge program.
Reduction in income taxes and franchise taxes will begin in 2018.