Will the ‘Taxpayer Pay Raise Act’ pay out?

JACKSON, MS (Mississippi News Now) – Slowly going into effect at the beginning of next year, the Taxpayer Pay Raise Act will give all Mississippians the chance to get more money back on their income tax returns while, also, eliminating corporate franchise tax completely by 2028.

Corporate franchise tax currently comes in as the state’s sixth largest revenue source. A big chunk of Mississippi’s budget that many say we can’t afford to lose since last year’s budget came in 170 million dollars short. However, supporters of the move say it is necessary because Mississippi is just one of only 17 states that still charges a corporate franchise tax.