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JACKSON, Miss. (AP) — Budget writers in the Mississippi Legislature can have slightly much less cash to spend throughout the coming year than they did in the present one.
Top members of the House and Senate met Friday and set a income estimate of $7.6 billion for the year that begins July 1. That is a lower of 1% from the present year.
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The estimate is consultants’ finest guess of how a lot cash the state will gather, based mostly on financial tendencies together with employment charges and client spending patterns.
Mississippi House Speaker Jason White, R-West, indicators approval to a legislator throughout ground motion in the House of Representatives chamber, Thursday, April 4, 2024, at the Mississippi Capitol in Jackson, Miss. (AP Photo/Rogelio V. Solis)
Legislators are in a four-month session that is scheduled to finish in early May. During the subsequent few weeks, they’re supposed to end writing the budget for the coming year, deciding how a lot to spend on faculties, prisons, well being care and different providers.
Republican Lt. Gov. Delbert Hosemann mentioned Friday that legislators shall be prudent with cash.
Mississippi is in the technique of lowering its private earnings tax underneath a regulation that Republican Gov. Tate Reeves signed in 2022. In his budget proposal launched in February, Reeves mentioned he desires to erase the tax by 2029. Hosemann mentioned Friday that he doesn’t anticipate motion in that path this year.
“I can’t speak for the House. But for the Senate side, I don’t think we’re going to have any income tax cuts,” Hosemann instructed reporters.
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It has been months since state businesses submitted the budget requests for the coming year. Legislators hardly ever give businesses all the cash they search, and House Appropriations Committee Chairman John Read mentioned that is seemingly to be the case once more this session.
“I’m going to do as much as I can,” mentioned Read, a Republican from Gautier. “We get requests. There’s no way I can do 100% of requests, so I tell people to give me a priority list, and that’s what I go on. We try to help everyone.”
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