MS SB2147

Phases out the corporation franchise tax for business enterprises classified as manufacturers under Internal Revenue Service Principal Business or Professional Activity Codes and primarily operating as manufacturers in Mississippi, effective January 1, 2016.

Reduces the franchise tax rate for qualifying manufacturers from $2.50 per $1,000 of capital value to $1.75 per $1,000 (2016-2017), then to $1.00 per $1,000 (2017-2018), then to $0.50 per $1,000 (2018-2019).

Eliminates the franchise tax entirely for qualifying manufacturers beginning January 1, 2019, with the prohibition applying to both domestic and foreign corporations.

Applies the phased reductions and exemption to both Section 27-13-5 (domestic corporations) and Section 27-13-7 (foreign corporations) of the Mississippi Code.

Takes effect July 1, 2015.