Corporate Income Tax
Corporate Franchise Tax
Sales and Use Tax
Property Tax
State Unemployment Tax
Worker's Compensation
Personal Income Tax

CORPORATE INCOME TAX

All corporations carrying on business activities in Mississippi are taxed on the net-taxable income derived from those activities as follows:

First $5,000 3%
Next $5,000 4%
Over $10,000 5%

In the case of multi-state manufacturing corporations, net business income from manufacturing operations which cannot be directly assigned to the Mississippi operation are apportioned to the State on the basis of a three-factor formula:

1. Ratio of property (book value) in Mississippi versus total property;
2. Ratio of payroll in Mississippi compared to total payroll, and
3. Ratio of sales attributable to Mississippi compared to total sales.

Additional non-business income is added to the apportioned income.

Mississippi allows a net operating loss to be carried over for the five years following the taxable year of such loss. The State, however, does not allow deductions of federal income taxes. There is no county or municipal income tax in Mississippi.