MS SB2841

Phases out Mississippi's corporation franchise tax over a five-year period, reducing the rate from $2.50 per $1,000 of capital (before 2017) to $2.00 (2017), $1.50 (2018), $1.00 (2019), and $0.50 (2020) before full elimination

Completely repeals Sections 27-13-1 through 27-13-67 of the Mississippi Code (the entire corporation franchise tax law) effective January 1, 2021

Applies to both domestic corporations organized under Mississippi law and foreign corporations doing business in the state

Maintains a minimum franchise tax of $25.00 during the phase-out period regardless of capital invested

Preserves existing exemptions for certain business enterprises under the Growth and Prosperity Act, Regional Economic Development Act, and fee-in-lieu agreements negotiated under state economic development programs