Mississippi Corporate Income Tax
- 3% of the first $5,000 of taxable income
- 4% of the next $5,000 of taxable income
- 5% of the remaining taxable income
A net operating loss can be carried back two years and forward twenty years following the taxable year of such loss in Mississippi. No county or municipal income taxes are levied in Mississippi. Deductions of federal income taxes are not allowed. Learn more about the Mississippi Corporate Income Tax.
Corporate Franchise Tax
- Assessed on the capital value of the company
- $2.50 per $1,000 of the value of capital used, invested, or employed in Mississippi
- Tax base cannot be less than the corporation’s assessed value of real and tangible personal property in Mississippi
- Multi-state corporations: capital is apportioned to Mississippi on a formula/ratio basis
Learn more about Mississippi’s Corporate Franchise Tax
Sales and Use Tax
In Mississippi, sales tax and use tax follow the same rate schedule which can be found on the Mississippi Department of Revenue’s website.
Sales tax is based on gross proceeds of sales or gross income (dependent on the type of business) and use tax is applied to personal property used, stored, or consumed in Mississippi for which sales or use tax has not been paid in another state at a rate equal or greater than the rate in Mississippi.
Ad valorem tax is assessed at 15% of true value (less with homestead exemption) multiplied by the millage rate.
Choctaw County Millage Rates
- County and schools: 79.09 mills
- Town of Weir: 20 mills
- Town of French Camp: none
- City of Ackerman: 50 mills