MS SB2942

Phases out Mississippi's corporation franchise tax for manufacturers classified under IRS Principal Business or Professional Activity Codes who primarily operate as manufacturers in the state

Reduces the tax rate from $2.50 per $1,000 of capital to $1.75 (2015), then $1.00 (2016), then $0.50 (2017) per $1,000 of capital used, invested, or employed in Mississippi

Completely eliminates the franchise tax for qualifying manufacturers beginning January 1, 2018

Applies to both domestic corporations and foreign corporations doing business in Mississippi

Effective date of July 1, 2014