Bryant says he’d sign corporate franchise tax cut

Despite what he said in the speech, Bryant has voiced support for eliminating the franchise tax in the past, and spokesman Clay Chandler said he would sign a bill cutting it.

“The governor favors tax relief for the hard-working people of this state but is not opposed to a scheduled franchise tax reduction,” Chandler said.

Lt. Gov. Tate Reeves said he sees no conflict with Bryant’s goals. In addition to cutting franchise taxes, Reeves last year proposed eliminating the 3 percent and 4 percent personal income tax brackets, which would have phased in income tax cuts of up to $350 a year for individuals making at least $18,300 a year.

“My view is, it doesn’t have to be an either-or scenario. It could be both-and,” Reeves said Wednesday.

Reeves has said lawmakers should lock in long-term tax cuts this year, even though Mississippi has a shortfall that will make it harder for lawmakers to write a spending plan for the budget year beginning July 1. That could mean no immediate tax cuts, though, a possibility Bryant alluded to in the State of the State.

“It may not be this year, but when we are having surpluses and a full savings account, let’s pledge to give the people back a portion of their hard-earned tax dollars,” Bryant said.