MS HB741

Exempts existing forestry industry enterprises from Mississippi corporation franchise tax for the 2011 calendar year on capital used, invested, or employed in the state.

Defines eligible enterprises as those performing initial processing of pine or hardwood logs for lumber production, or engaged in poles or timbers production.

Requires eligible enterprises to have employed an average of at least 15 employees during the 36-month period ending December 31 of the preceding calendar year.

Excludes chip-producing enterprises and pulp or paper manufacturers from the exemption definition.

Applies exemption to both domestic corporations under Section 27-13-5 and foreign corporations under Section 27-13-7, effective January 1, 2011.