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Corporate Income Tax


 In Mississippi, corporate income is subject to a state income tax. This tax is levied in Section 27-7-5 of the Mississippi Code. Unless a company is taxable in another state, this tax is based on the company’s net taxable income.

Income tax for multi-state corporations is calculated by determining a Mississippi to total company ratio that is applied to the net business income for the corporation. For retailers, wholesalers, service providers, and many other business operations, income is apportioned based on a ratio of sales in Mississippi versus sales for the total entity. For manufacturers, income tax is apportioned using a three factored approach that consists of property, payroll, and sales in Mississippi related to everywhere.

After the apportioned net taxable income is calculated, additional non-business income attributable to Mississippi is added to the calculated amount to arrive at the Mississippi net taxable income.
 
Mississippi Income Tax rates are:

First $5,000 of taxable income        3%
Next $5,000 of taxable income        4%
Remaining taxable income              5%


Credits to Mississippi Income Tax

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September 8, 2017
Baptist Memorial Health Care opening a 250 employee business office in downtown Jackson

Baptist Memorial Health Care announced Thursday plans to establish a regional business office in the Regions Plaza building in downtown Jackson.

Baptist will lease four floors at 210 E. Capitol St. occupying a total of 41,000 square feet of space that will house 250 employees.
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July 19, 2017
Multicraft International celebrates New Division Opening - Creates 50 Jobs

Officials from Multicraft International, state and local leaders recently celebrated the grand opening of the company's new division, Multicraft Ventures, LLC, in Pelahatchie. The project is a $2 million corporate investment and creates 50 jobs.

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July 17, 2017
Global Automotive Supplier Calsonic Kansei Expands in Madison

Gov. Phil Bryant and officials from global automotive supplier Calsonic Kansei announced the company’s expansion in Madison. The $16.33 million corporate investment creates 98 new jobs.

“Mississippi’s outstanding reputation in the automotive industry is known worldwide,” Gov. Bryant said. “Calsonic Kansei’s addition of so many new jobs in Madison once again puts our state on the global stage. The expansion proves we have the workforce and business climate to ensure industry leaders like Calsonic enjoy years of success in Mississippi.”
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