- Associated Press - Monday, April 18, 2016

JACKSON, Miss. (AP) - The Latest on tax cuts being considered by the Mississippi Legislature (all times local):

9:30 p.m.

Senators are sending a $415 million tax cut to Gov. Phil Bryant for his approval or veto.

The Senate gave final passage Monday to Senate Bill 2858 (https://bit.ly/1VxVt6Q ) on a 36-14 vote, after House members voted 73-44 to pass it.

The agreement would phase out Mississippi’s $260-million-a-year corporate franchise tax, a long-held goal of business groups. It would also cut $145 million in income taxes, raising the threshold for paying state income taxes to $10,000. Anyone making that much would get a $150-a-year cut.

Those reductions would begin in 2018.

Starting in 2017, Mississippi would lower taxes on self-employment, cutting $10.2 million over three years.

As in the House, Democrats warned tax cuts would drain off state revenue, hurting Mississippi’s ability to provide needed government services.

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5:30 p.m.

Seven Democrats have provided the crucial votes in the Mississippi House of Representatives to approve $415 million in tax cuts over 12 years.

The House voted 73-44 Monday to approve a House-Senate agreement on Senate Bill 2858 (https://bit.ly/1VxVt6Q ), sending it to the Senate for consideration there. The House majority was two more votes than the 60 percent threshold needed to pass tax and spending bills.

The agreement would phase out Mississippi’s $260-million-a-year corporate franchise tax, a long-held goal of business groups. It would also cut $145 million in income taxes, raising the threshold for paying state income taxes to $10,000. Anyone making that much would get a $150-a-year cut.

Those reductions would begin in 2018.

Starting in 2017, Mississippi would lower taxes on self-employment, cutting $10.2 million over three years.

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9:30 a.m.

Mississippi lawmakers want to phase in $415 million in tax cuts over the next 12 years.

House and Senate negotiators filed an agreement just before midnight Sunday on Senate Bill 2858 (https://bit.ly/1VxVt6Q).

The agreement would phase out Mississippi’s $260-million-a-year corporate franchise tax, a long-held goal of manufacturers, bankers and other business groups. It would also cut $145 million in income taxes, raising the threshold for paying state income taxes to $10,000. Anyone making that much would get a $150 tax cut.

Both those reductions would begin in 2018.

Starting this year, Mississippi would lower its taxes on self-employment, cutting $10.2 million over three years.

Lt. Gov. Tate Reeves has pushed heavily for tax cuts, despite declining state revenues.

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