Loading chat...
MS HB494
Bill
Status
Failed
3/28/2012
Primary Sponsor
Jessica Upshaw
Click for details
AI Summary
- Eliminates state income tax on the first $10,000 of taxable income for corporations, effective January 1, 2012
- Maintains the 5% tax rate on all corporate taxable income exceeding $10,000
- Preserves existing individual income tax rates: 3% on first $5,000, 4% on next $5,000, and 5% on income over $10,000
- S corporations remain exempt from the state income tax
- Provides transition rules for corporations with fiscal years spanning 2011-2012 to prorate taxes between old and new rate structures
Legislative Description
Income tax; revise rate levied on corporations.
Last Action
Died In Committee
3/28/2012
Full Bill Text
No bill text available