Not only does the beginning of July bring about the celebration of the nation’s birthday, but places new laws approved by the Mississippi legislature in effect. Some of the most controversial laws this year have been medical marijuana, tax cuts and teacher pay raises but there are a few more you should be made aware.
Medical marijuana was a hot button topic for months as many municipalities and county governments decided whether or not to opt-in or out. In Montgomery County, the City of Winona elected to opt-in to distribution and out of cultivation. The Town of Duck Hill elected to opt-in to distribution and to the cultivation.
In Carroll County, the Town of North Carrollton elected to opt-in to distribution and to opt-out of cultivation.
Also, July 1 many teachers in the Carroll County School District and the Winona-Montgomery Consolidated School District will see an increase in pay, depending on how many years they have put into their profession. And with the costs of things rising, the increase could mean less stress for them and their families.
The most controversial bill has been the tax cut in state income tax. When the bill goes into effect July 1, people will begin to see the first $5,000 of their income untaxed. After the first $5,000 is untaxed, the first $10,000 is taxed four percent and anything over $10,000 is taxed by five percent.
The law goes through 2026, when taxes levied will be 4 percent. The bill states that in 2026, legislatures will review the bill to see if the taxes levied should be decreased further.
“To provide that it is the intent of the legislature that before calendar year 2026, the legislature will consider whether the revised income tax 6 rates provided for in this act will be further decreased for calendar years after calendar year 2026; to provide that if the revised tax rates are further decreased for calendar years after calendar year 2026 to the extent that there is no tax levied on the taxable income individuals under this section, the individual income tax shall stand repealed; and for related purposes,” the bill states.
Meaning, if legislatures decided after 2026 to decrease the percentage, the following years after 2026, the bill completely repeals the state income tax. This bill is significant because it could mean for more money in Mississippi resident’s pockets.
