MS SB2645

Phases out Mississippi's corporation franchise tax by gradually reducing the tax rate from $2.50 per $1,000 of capital value to $0.50 per $1,000 between 2013 and 2016 for both domestic and foreign corporations.

Reduces the franchise tax rate as follows: $2.00 (2013-2013), $1.50 (2014-2014), $1.00 (2015-2015), and $0.50 (2016-2016) per $1,000 of capital value.

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

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

Takes effect July 1, 2012, with the tax phase-out schedule and final repeal occurring by January 1, 2017.