JACKSON, Miss. (AP) — Gov. Phil Bryant has signed what may be the largest tax cut in Mississippi history.

Senate Bill 2858, signed Friday by Bryant, cuts $415 million in taxes over 12 years.

The law will phase out Mississippi's $260 million-a-year corporate franchise tax, a long-held goal of business groups.

It would also cut $145 million in income taxes, raising the threshold for paying state income taxes to $10,000. Anyone making that much would eventually get a $150-a-year cut.

Both the income tax and franchise tax reductions would begin in 2018

Starting in 2017, Mississippi would lower taxes on self-employment, cutting $10.2 million over three years.

Supporters say the measures make Mississippi more economically attractive. Opponents warn tax cuts will drain off state revenue, hurting Mississippi's ability to provide needed government services.