MS HB1670

Eliminates the corporation franchise tax on capital value used, invested, or employed in Mississippi for tax years beginning January 1, 2017.

Repeals the entire corporation franchise tax law (Sections 27-13-1 through 27-13-67) effective January 1, 2018.

Preserves existing exemptions and fee-in-lieu agreements for qualified business enterprises under economic development programs through the repeal date.

Maintains the state's right to assess, collect, and enforce any franchise taxes that accrued before the law's effective date.

Takes effect July 1, 2016.