Mississippi Governor Signs Law Phasing Out Individual Income Tax

The new legislation cuts the individual income tax rate to 3 percent by 2030. After that, it will decrease every year until it is eliminated.

Mississippi Republican Gov. Tate Reeves delivers a televised address prior to signing a bill retiring the last state flag in the United States with the Confederate battle emblem, at the Governor's Mansion in Jackson, Miss., on June 30, 2020. Rogelio V. Solis-Pool/Getty Images

Mississippi Gov. Tate Reeves has signed historic legislation eliminating individual income tax in the state.

Reeves celebrated the new law at a signing ceremony at the governor’s mansion on Thursday, calling it a “turning point” in the state’s history.