MS SB2467

Phases out the Mississippi corporation franchise tax through January 1, 2019, by reducing the tax rate on capital value for both domestic and foreign corporations in annual increments from $2.50 per $1,000 (before 2015) to $0.50 per $1,000 (2018-2019).

Reduces the tax rate to $2.00 per $1,000 for tax years beginning January 1, 2015; $1.50 per $1,000 for 2016; $1.00 per $1,000 for 2017; and $0.50 per $1,000 for 2018.

Repeals all corporation franchise tax law sections (27-13-1 through 27-13-67) effective January 1, 2019.

Maintains a minimum tax of $25.00 per accounting period and exempts corporations with fee-in-lieu agreements, approved business enterprises, regional economic development projects, and certain other qualifying entities.

Preserves the state's right to collect, assess, and enforce all franchise taxes and penalties for amounts due before January 1, 2013.