by adp | Dec 6, 2023 | Rotator - Taxes
All corporations engaged in business activities in Mississippi are taxed on net taxable income derived from those activities as follows: 0% on the first $5,000 of taxable income 4% on the next $5,000 of taxable income 5% over $10,000 The corporate income tax is being...
by adp | Dec 6, 2023 | Rotator - Taxes
A franchise tax is imposed on corporations for the privilege of doing business in the State of Mississippi. Franchise tax is due annually as long as the corporation remains incorporated, domesticated, or continues to do business in Mississippi. Most corporations...
by adp | Dec 6, 2023 | Rotator - Taxes
State of Mississippi has a sales tax rate of 7%. In addition to the 7% sales tax rate, the City of Hattiesburg has levied the following sales tax on restaurants and hotels and motels: Restaurants: – 1% Park & Recreation – 2% Convention Commission...
by adp | Dec 6, 2023 | Rotator - Taxes
Each jurisdiction within Greater Hattiesburg has a different millage rate, which are determined annually by local units of government. One mill is equal to $1 per $1,000 of assessed value. In Mississippi, commercial property is assessed at 15% of true value, while...
by adp | Dec 6, 2023 | Rotator - Taxes
Inventory tax is a local property tax charge on finished goods inventory at the same millage rates as other local rates. Inventory includes raw materials, goods in progress, and the inventory of finished goods for sale. Inventory is considered Class 3 property and is...
by adp | Apr 15, 2024 | Rotator - Taxes
Applies to purchases made outside the taxing jurisdiction but used within the state. Use tax also applies to items purchased exempt from tax which are subsequently used in a taxable manner. The Mississippi consumer use tax rate is 7%.
