MS HB1707

Phases out Mississippi's corporation franchise tax through a gradual reduction in rates from 2017 through 2020, with complete elimination effective January 1, 2021.

Reduces the franchise tax rate in incremental steps: $2.00 per $1,000 of capital (2017-2017), $1.50 per $1,000 (2018-2018), $1.00 per $1,000 (2019-2019), and $0.50 per $1,000 (2020-2020), before full repeal in 2021.

Maintains a minimum tax of $25.00 per accounting period for all corporations subject to the tax during the phase-out period.

Repeals all corporation franchise tax law sections (27-13-1 through 27-13-67, Mississippi Code of 1972) effective January 1, 2021.

Applies the phase-out schedule uniformly to both domestic corporations organized under Mississippi law and foreign corporations doing business in the state.