MS HB380

Amends sections 27-13-5 and 27-13-7 of Mississippi Code to provide a 40% exemption from corporate franchise tax for existing forestry industry enterprises.

Defines eligible enterprises as those performing initial processing of pine and/or hardwood logs to produce lumber products, or engaged in production of poles and/or timbers.

Requires eligible enterprises to have employed an average of not less than 15 employees during the most recent 36-month period ending December 31 of the immediately preceding calendar year.

Excludes enterprises with primary business of producing chips and pulp or paper manufacturers from the tax exemption.

Takes effect January 1, 2011.