Get Mississippi S Corporation Income And Franchise Tax Return Form

Mississippi's franchise tax applies to most corporations doing business in the State. The rate is $2.50 per $1,000 of the value of the capital used, invested, or employed in the State.

SC 1120. Includes Disregarded LLCs. Check if: Total cost of depreciable personal property in SC. Check if you filed a federal or state extension.

Mississippi Estate and Inheritance Taxes No estate or inheritance tax.

Mississippi Tax Rates, Collections, and Burdens Mississippi also has a 4.00 to 5.00 percent corporate income tax rate. Mississippi has a 7.00 percent state sales tax rate, a max local sales tax rate of 1.00 percent, and an average combined state and local sales tax rate of 7.07 percent.

South Dakota and Wyoming are the only states that levy neither a corporate income nor gross receipts tax.

Mississippi has a graduated income tax rate and is computed as follows: 0% on the first $5,000 of taxable income. 4% on the next $5,000 of taxable income. 5% on all taxable income over $10,000.

What is the minimum franchise tax due? The minimum franchise tax due is $25.00​.

Yes. If you register your out-of-state LLC to do business in Mississippi, you will be considered a Mississippi foreign LLC. All LLCs—even foreign ones—are required to pay Mississippi taxes, including sales and use tax, state income tax, local municipality taxes, and industry taxes.