MS SB2540

Amends Section 27-13-9 of the Mississippi Code to exclude deferred gains and deferred income from computations of capital, paid-in capital, surplus, and retained earnings for corporation franchise tax purposes.

Retains the requirement to include deferred taxes, contingent liabilities, and true reserves in capital calculations, while removing the specific inclusion of deferred gains and deferred income.

Maintains the minimum franchise tax of $25.00 and requirement that determined capital in Mississippi not be less than the assessed value of real estate and tangible personal property in the state.

Effective July 1, 2013.