Hosemann launches state fiscal policy study group

Aug. 27, 2024 – Lt. Governor Delbert Hosemann named a third select study group in the Senate today on state fiscal policy. The study group will be co-chaired by Senate Appropriations Chairman Briggs Hopson and Senate Finance Chairman Josh Harkins.

“Our ultimate goal is always to lower the tax burden and ensure taxpayer dollars stay in taxpayer pockets,” Hosemann said. “This requires Appropriations and Finance leadership to be at the table looking at all income and expenses to ensure we are being as efficient as possible while fully funding necessary services.”

The State Fiscal Policy Study Group will hold public hearings and hear testimony on current taxes, tax credits, bonds and bond capacity, diversions, and other budget and economic issues relating to revenues and expenditures by the State. All hearings will be webcasted and archived on the Legislature’s website.

In 2022, under Hosemann’s leadership, the Legislature enacted the largest tax cut in Mississippi history. The cut eliminated the 4 percent income tax bracket and, in 2026 when fully phased in, will reduce the top rate from 5 percent to 4 percent. Once fully implemented, the total cut will eliminate an estimated $524 million in recurring revenue and place Mississippi among the lowest income tax states in the nation.

Other members of the study group include Senators Andy Berry, Bradford Blackmon, Rod Hickman, Chris Johnson, Dean Kirby, John Polk, Derrick Simmons, and Daniel Sparks.

Elected in 2008, Hopson is an attorney from Vicksburg, Mississippi. Harkins, elected in 2012, owns and operates a real estate brokerage firm and is from Flowood, Mississippi.