SB3095: Tax; cut income and grocery taxes, increase fuel excise tax, and adjust distribution of certain fuel and sales taxes.

Legislative Summary

An Act To Amend Section 27-7-5, Mississippi Code Of 1972, To Reduce The Tax On All Taxable Income In Excess Of $10,000.00 To 3.75% For 2027, 3.5% For 2028, 3.25% For 2029, And 2.99% For 2030 And All Subsequent Years; To Amend Section 27-65-17, Mississippi Code Of 1972, To Tax Retail Sales Of Groceries At 5% From And After July 1, 2025; To Amend Section 27-65-241, Mississippi Code Of 1972, To Conform; To Bring Forward Section 27-67-5, Mississippi Code Of 1972, Which Requires The Imposition Of A Use Tax, For The Purpose Of Possible Amendment; To Amend Sections 27-55-11, 27-55-519 And 27-55-521, Mississippi Code Of 1972, To Increase The Excise Taxes On Gasoline And Certain Special Fuels To 21¢ Per Gallon From July 1, 2025, Through June 30, 2026, 24¢ Per Gallon From July 1, 2026, Through June 30, 2027, And 27¢ Per Gallon From July 1, 2027, Until The First Day Of The Month Immediately Following The Date Upon Which The Mississippi Transportation Commission And The State Treasurer Make Certain Certifications; To Provide For The Indexing Of Such Taxes; To Amend Sections 27-55-12 And 27-55-523, Mississippi Code Of 1972, To Conform; To Amend Sections 27-5-101 And 27-65-75, Mississippi Code Of 1972, To Adjust The Distribution Of Revenue From Certain Gasoline And Special Fuel Taxes; To Revise The Distribution Of State Sales Tax Revenue Collected From Retail Sales Of Food For Human Consumption Not Purchased With Food Stamps But Which Would Be Exempt From Sales Tax If Purchased With Food Stamps; To Amend Section 27-67-31, Mississippi Code Of 1972, To Adjust The Distribution Of Use Tax Revenue To Municipalities And Counties For Infrastructure; And For Related Purposes.