MS SB2066

Phases out the Mississippi corporation franchise tax for businesses classified as manufacturers under IRS Principal Business or Professional Activity Codes and primarily operating as manufacturers in the state

Reduces the franchise tax rate from $2.50 per $1,000 of capital to $1.75 per $1,000 starting January 1, 2017, then to $1.00 per $1,000 in 2018, and to $0.50 per $1,000 in 2019

Eliminates the franchise tax entirely for qualifying manufacturers for tax years beginning after January 1, 2020

Applies to both domestic corporations (Section 27-13-5) and foreign corporations doing business in Mississippi (Section 27-13-7)

Effective date of July 1, 2016