MS SB2025

Phases out the corporation franchise tax for business enterprises classified as manufacturers under Internal Revenue Service Principal Business or Professional Activity Codes that primarily operate as manufacturers in Mississippi.

Reduces the franchise tax rate for qualifying manufacturers from $2.50 per $1,000 of capital value to $1.75 per $1,000 (2015-2015), then to $1.00 per $1,000 (2016-2016), then to $0.50 per $1,000 (2017-2017).

Completely eliminates the franchise tax for qualifying manufacturers beginning January 1, 2018, so they owe no tax on capital value used in the state.

Applies to both domestic corporations organized under Mississippi law and foreign corporations doing business in the state.

Takes effect July 1, 2014.