MS HB495

Phases out Mississippi's state income tax on resident corporations over four years, reducing tax rates annually from 2010 through 2013.

For calendar year 2010, reduces corporate tax rates to 2.4% (first $5,000), 3.2% (next $5,000), and 4% (income over $10,000), compared to the previous 3%, 4%, and 5% rates.

Continues annual reductions through 2013, with rates declining to 0.6%, 0.8%, and 1% respectively.

Eliminates the corporate income tax entirely beginning January 1, 2014, with no tax imposed on resident corporations thereafter.

S corporations remain exempt from income tax, and existing tax claims and assessments for periods before the effective date remain enforceable.