The Washington, D.C.-based Tax Foundation said Wednesday that Lt. Gov. Tate Reeves and House Speaker Philip Gunn are recipients of its Outstanding Achievement in State Tax Reform award.

“Reeves and Gunn led the effort to begin phasing out the state’s archaic franchise tax, a tax on investment and capital formation in a state that needs more of both,” the foundation said in a statement.

The law, passed in 2016, will drop the tax rate in phases until complete repeal in 2028. The legislation also reduces the tax rate on low levels of income, the release stated.

The foundation noted that Reeves and Gunn have also explored further tax reform options.

The nonprofit foundation said it selects honorees each year who have accomplished extraordinary work to advance the cause of simpler, smarter tax policy.

Nominations for the award were submitted by legislators and other stakeholders across the country, and reviewed by Tax Foundation staff, the release said.

Founded in 1937, The Tax Foundation bills itself as the nation’s leading independent tax policy nonprofit.

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