Bryant Signs Law Changing Tax Practices

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Jackson, Miss.

Gov. Phil Bryant has signed a new law that changes how Mississippi state government collects taxes.

Bryant signed the bill Thursday at the annual meeting of the Mississippi Economic Council. That state chamber of commerce was a prime force in lobbying for changes.

A key part of the law could make it harder for Mississippi to force multi-state corporations to pay more income tax in the state.

The Department of Revenue has estimated all changes in the bill, including a phase-in of lower interest rates for overdue taxes, could cost Mississippi $100 million a year.

However, Bryant says tax fairness and being friendly to business are more important than state revenue.

The measure grew from a court case that enhanced the state's ability to force out-of-state companies to pay more.