2015 Legislative Tax Plan  

We are halfway through the 2015 legislative session. The next two important deadlines are Wednesday, February 25th (deadline for reconsideration and passage of appropriations and revenue bills originating in own house) and Tuesday, March 3rd (deadline for committees to report general bills and constitutional amendments originating in other house). MAR was asked to testify this week in the Senate Finance Committee on the merits of Senate Bill 2839, The Taxpayer Pay Raise Act. Jackson area Relator Carla Palmer Allen, founder of CPA Realty and past President of the Central Mississippi Association of Realtors addressed the 26 member committee on Thursday. The committee will vote on the bill within the next week. The legislation accomplishes three things: eliminates the 3 percent tax bracket levied on individual income, reduces the overall tax burden on small business owners, and removes the investment penalty, or franchise tax, on businesses property and capital. Palmer Allen testified that the self-employment tax reduction and elimination of the 3 percent tax bracket would allow more Mississippians to achieve the American dream of home ownership. She said a broad spectrum of Mississippians will benefit from the plan from farmers to child care workers to truck drivers. "For many of our clients, being able to claim this deduction themselves could mean the ability to apply more money towards the down payment or closing costs of a new home," said Palmer Allen, who spoke on behalf of the Mississippi Association of Realtors. "Anything you can do to return tax dollars to the taxpayer is a good thing and can only help real estate activity."