MS HB1543

Phases out the corporation franchise tax over a four-year period with gradually reduced rates for both domestic and foreign corporations from 2013 through 2016.

Reduces the tax rate from $2.50 per $1,000 of capital value (before 2013) to $2.00 (2013-2013), $1.50 (2014-2014), $1.00 (2015-2015), and $0.50 (2016-2016).

Maintains a minimum franchise tax of $25.00 per accounting period throughout the phase-out period.

Repeals all corporation franchise tax law sections (27-13-1 through 27-13-67) effective January 1, 2017, completely eliminating the tax.

Takes effect July 1, 2012, with the graduated rate reductions beginning January 1, 2013.