Skip to main content

User account menu

  • Log in
Shopping cart 0
Cart

Search

Search
Home Press Register
  • Home
    • Newsletter Email Sign Up
    • FAQ
    • Our Staff
    • About Us
    • Notifications
    • Monthly Website Statistics
    • Our Awards
    • Contact Us
    • Rack Locations
    • Wedding Policy
    • Privacy Policy
  • Post
    • Post Dashboard
    • Payment Settings
    • Leaderboard
  • Top Stories
  • Most Recent
  • Most Read
    • Most Read This Week
    • Most Read This Month
    • Most Read This Year
    • Most Read All Time
  • Local News
  • State
    • Other State Websites
    • Most Read Statewide
    • Most Recent State News
  • National
  • More News
    • Features
    • Entertainment
    • Lifestyles
    • Crime
    • Politics
    • Associated Press
    • Press Releases
    • Public Notices
    • Submit News
    • Documents
    • Videos
  • Sports
    • Local Sports
    • State Sports
  • E-Editions
    • Newspaper E-Edition
    • Magazine E-Edition
    • Special Section E-Editions
  • Opinion
    • Columns
    • Editorials
    • Cartoons
    • Letters
    • Polls
    • Comments
    • My Two Cents
    • Submit Letter
    • Submit My Two Cents
  • Obituaries
    • Submit Obituary
  • Social
    • Weddings/Engagements
    • Anniversaries
    • Births
    • Submit Wedding
    • Submit Engagement
    • Submit Anniversary
    • Submit Birth
    • Submit School News
  • Submit News
    • Submit Obituary
    • Submit Wedding
    • Submit Engagement
    • Submit Birth
    • Submit Anniversary
    • Submit News
    • Submit School News
    • Submit Letter
  • Schools
  • Comics
  • Games
  • Communities
  • Subscribe
  • Advertising
    • How to Advertise
    • Classifieds
    • Pay Bill
    • Ad Rates
    • Ad Staff
  • Archives

Domain menu for Press Register (main)

  • Home
    • Newsletter Email Sign Up
    • FAQ
    • Our Staff
    • About Us
    • Notifications
    • Monthly Website Statistics
    • Our Awards
    • Contact Us
    • Rack Locations
    • Wedding Policy
    • Privacy Policy
  • Post
    • Post Dashboard
    • Payment Settings
    • Leaderboard
  • Top Stories
  • Most Recent
  • Most Read
  • Local News
  • State
  • National
  • More News
    • Features
    • Entertainment
    • Lifestyles
    • Crime
    • Politics
    • Associated Press
    • Press Releases
    • Public Notices
    • Submit News
    • Documents
    • Videos
  • Sports
    • Local Sports
    • State Sports
  • E-Editions
    • Newspaper E-Edition
    • Magazine E-Edition
    • Special Section E-Editions
  • Opinion
    • Columns
    • Editorials
    • Cartoons
    • Letters
    • Polls
    • Comments
    • My Two Cents
    • Submit Letter
    • Submit My Two Cents
  • Obituaries
    • Submit Obituary
  • Social
    • Weddings/Engagements
    • Anniversaries
    • Births
    • Submit Wedding
    • Submit Engagement
    • Submit Anniversary
    • Submit Birth
    • Submit School News
  • Submit News
  • Schools
  • Comics
  • Games
  • Communities
  • Subscribe
  • Advertising
  • Archives

Gov. Tate Reeves

Gov. Reeves proposes phaseout of state's income tax

By Steve Wilson , 24,126 Reads
Mon, 11/16/2020 - 3:27 PM

Gov. Tate Reeves released his proposed budget today and the biggest item is the phaseout of the state’s income tax.

The phaseout, which would begin in 2022, would eliminate the 4 percent rate on taxable income over five years and eliminate the 5 percent rate on all taxable income exceeding $10,000 by 2030. The reason for the phaseout starting in 2022 under the governor’s plan is that is when the 3 percent bracket — which was addressed by the $400 million Taxpayer Pay Raise Act of 2016 — will finally be eliminated.

In fiscal 2020, the state's income tax collections added up to $2.2 billion.

The 2016 law also started the elimination of the state’s franchise tax, which will be completed by 2029. This tax is assessed on capital or property and the rate is now down to $2 per $1,000 from the original tax, which was $2.50 per $1,000. The tax will be reduced by 25 cents per $1,000 annually until it is eliminated.

Reeves also proposed:

  • $3 million in additional spending for the Mississippi Law Enforcement Training Academy.
  • $12 million for “Jump Start” grants for small businesses up to $5,000 per business.
  • $3 million for a Patriotic Education Fund to support teaching K-12 children.
  • $2 million for computer science training for teachers.
  • $3 million to fund more mathematics coaches for public schools.
  • $28 million for the School Recognition Program that provides raises for teachers in A- and B-rated districts or those that improve from an F to a D or a D to a C.
  • $50 million on workforce development.

Large reductions in spending compared with fiscal 2021 ($7.298 billion) to $6.125 billion in the governor's proposed budget reflect the end of one-time CARES Act federal funds ($1.2 billion) for COVID-19 relief. These funds must be spent by December and any unused funds allocated to agencies will go back to the state’s unemployment trust fund.

The governor’s budget recommendation is only one component of the budget-making process. State agencies submit budget requests by August 1 and executive directors justify their funding requests to the Joint Legislative Budget Committee. The committee also receives estimates of the state’s tax revenues for the upcoming fiscal year, which starts on July 1.

The JLBC meets in November to put together a budget (which will act as a guide for the appropriation bills drafted late in the upcoming session for each agency). It will release its budget proposal in December.

 

‹ PreviousNext ›

Most Recent

CCC earmarks $660,000 for SAFE Center

The Coahoma Community College board approved spending $660,000 to complete the new Student Activity… READ MORE

Shots fired into car and Washington Street apartment
City to get tough on nuisance houses, abandoned property
THE WICKER REPORT: Greater Military Investment needed to counter China, Russia
Mississippi Recognized as One of Top Six States for High-Quality Pre-K
National report ranks Mississippi low in voter access

Most Read

  • Week
  • Month
  • Year
  • All Time

IHL approves tuition increase at 7 of 8 Mississippi universities

A year after all but one of Mississippi’s public universities declined to increase tuition due to… READ MORE

JUKE JOINT: Keith Johnson plays Ground Zero Saturday Night
Juke Joint set for this weekend
Opinion: Thirty percent of excess deaths not Covid caused
John Smith
CMSD seeks direction on future of Old CHS, Myrtle Hall

Car shot in attempted aggravated assault

The Clarksdale Police Department is investigating shots fired into an occupied car about 2 p.m.… READ MORE

EDITORIAL: Investing in cleaning up Clarksdale
EDITORIAL: It's time to plant!
Cole's Say Thank you
Clarksdale’s incumbent commissioners re-elected to city board
Science can never disprove religion

Unkept property, litter and trash, trash, trash

 

Lee soccer falls to Magnolia Heights
Mississippi COVID-19 curve moving down
Flag commission narrow design to two finalists
Chamber delivers cookies to hospital
Annie O'Briant Ivy

Richard Ira Gates

Richard Ira Gates, 60, Clarksdale died March 17, 2020 at his residence. Public viewing is from 2 to… READ MORE

Unkept property, litter and trash, trash, trash
Lee soccer falls to Magnolia Heights
Mississippi COVID-19 curve moving down
Flag commission narrow design to two finalists
Chamber delivers cookies to hospital

Sign Up for Notifications of Local Breaking News

Start E-mail NotificationsStop E-mail NotificationsStart Mobile NotificationsStop Mobile Notifications

Obituaries

John Smith

The Rev. John Cutrer Smith (Jack) passed away peacefully in his sleep on March 31, 2021 at the age… READ MORE

Jimmy Hester
Neva Johnson
Joe Willie Giles
Jimmie Barnes, Jr.
Lamar Booker

Social

CCC earmarks $660,000 for SAFE Center

The Coahoma Community College board approved spending $660,000 to complete the new Student Activity… READ MORE

Mississippi Recognized as One of Top Six States for High-Quality Pre-K
Lee Academy Junior High Track stars named
Lady Tigers finish Second in NJCAA Region 23 Tournament
Coahoma Community College earns $75,000 ReTool Your School Grant
Coahoma Community College earns $75,000 ReTool Your School Grant

Opinion:

THE WICKER REPORT: Greater Military Investment needed to counter China, Russia

The following is a political opinion column by Senator Roger Wicker: Biden Defense Plan Would Cede… READ MORE

EDITORIAL: Welcome to Juke Joint
EDITORIAL: Welcome to Juke Joint
Judges in box on medical marijuana
Judges in box on medical marijuana
Judges in box on marijuana

Weddings & Engagement

Worsham, Clegg wedding date set

Mr. and Mrs. Robert Hayden Worsham, junior of Corinth announce the engagement and upcoming wedding… READ MORE

Plan ahead, smile and ease the stress of your wedding
WEDDING: Hays, Zachary exchange vows
WEDDING: Ashcraft / Dominguez
WEDDING: Debruler / Agostinelli
WEDDING: Hays/Zachary

News

Ghalia Volt plays in Clarksdale on 30-day tour

Ghalia Volt is playing her new album “One Woman Band” on a 30-day tour and performed at different… READ MORE

CMSD seeks direction on future of Old CHS, Myrtle Hall
Clarksdale principal seek help for his duties
Miss. Dept. of Health warns of dangers of CBD
Senseless violence prompts Angel moms, 100 suited Black men
Tunica eyes wind farm economic development project

Sports

Lee Academy Junior High Track stars named

Lee Academy junior high hosted the district track and field meet Saturday. Below are the Colts and… READ MORE

Lady Tigers finish Second in NJCAA Region 23 Tournament
Colts win on Senior Night
Lee Academy high school track, field results
Delta Elite give back to kids
Brian Dozier will be at home on Opening Day and loves it

Cartoon Button

Comic Button

Special Sections & Magazines

COMPANY COMMUNITY ADVERTISE E-EDITIONS MORE NEWS
Contact Community Calendar Subscribe Newspaper Archive Cartoons
FAQ/Help Obituaries Ad Rates Newspaper E-Edition Columns
Our History Engagements/Weddings Ad Staff Special Section Editorials
Our Staff Most Read My Account   Politics
Statewide Most Recent Rack Locations    

Click on the city name to visit its website.

ACKERMAN  •  CARROLLTON  •  CHARLESTON  •  CLARKSDALE  •  COLUMBIA  •  DUMAS(Ark.)  •  EUPORA  •  FOREST  • 

FRANKLINTON(La.)  • GREENVILLE  •  GREENWOOD  •  GRENADA  •  HATTIESBURG  •  JACKSON  •  KOSCIUSKO  •  INDIANOLA  • 

LOUISVILLE  • MAGEE  • MENDENHALL  •  McCOMB  •  NEWTON  •  PETAL  •  QUITMAN  •  SENATOBIA  •  TALLULAH(La.)  •  WINONA  •  YAZOO CITY


Copyright 2020 - The Clarksdale Press Register | Privacy Statement | Help | Terms of Service

The Clarksdale Press Register - 123 Second Street - Clarksdale, MS 38614 - (662)-627-2201

Emmerich Newspapers proud to serve your local communities.

Thank you for visiting our website.