The former state agriculture commissioner faces three counts of perjury and two counts of obstruction of justice in connection with a campaign finance scandal.
Prosecutors allege Phipps knew about her staff's involvement in an effort to repay a campaign debt by former aide Bobby McLamb and lied about that involvement in an attempt to cover it up. Defense attorneys claim Phipps unknowingly became involved in the mistakes of members of her staff.
Jurors deliberated for almost two hours Wednesday.
If convicted, Phipps faces either probation or up to four years in prison. Next month, Phipps is scheduled to stand trial on federal charges.