MS SB2818

Reduces the corporation franchise tax rate for manufacturers classified under Internal Revenue Service Principal Business or Professional Activity Codes from $2.50 per $1,000 of capital value to a phased schedule starting January 1, 2014.

Applies phased tax reduction to both domestic and foreign corporations operating as manufacturers in Mississippi: $1.75 per $1,000 (2014-2014), $1.00 per $1,000 (2015-2015), and $0.50 per $1,000 (2016-2016).

Eliminates the franchise tax entirely for manufacturers beginning January 1, 2017, provided they are classified as manufacturers under IRS codes and primarily operate as manufacturers in the state.

Maintains existing exemptions and reductions for businesses with fee-in-lieu agreements, Growth and Prosperity Act enterprises, regional economic development projects, and redevelopment project areas.

Takes effect July 1, 2013.