Entities taxed as Corporations pay franchise tax annually for the privilege of doing business in the State of Mississippi. The franchise tax is a component of the corporate income and franchise tax return, so it is typically filed by an accountant.
Mississippi has an FAQ on the subject on the Department of Revenue's website.
Corporation income and franchise tax return is due on or before the 15th day of the 4th month following the close of the taxable year.
Franchise tax is computed at a rate of the value of the capital employed, or the assessed property values in this state, whichever is greater. The rate changes from year to year.
The minimum franchise tax due is $25.00.
