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Taxes

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Tax Profile – State of Mississippi
Tax Basis Rate Agency
Corporate Income Tax Unless a company is taxable in another state, this tax is based on company net taxable income

First $5,000 taxable income 3%

Next $5,000 of taxable income 4%

Remaining taxable income 5%

 Mississippi State Tax Commission
Corporate Franchise Tax Assessed on the company’s capital value. Calculation is based on: capital stock issued and outstanding; and paid-in-capital, surplus, and trained earnings, including deferred taxes, deferred gains, deferred income, contingent liabilities, and other true reserves. $2.50 per $1,000 of Mississippi capital Mississippi State Tax Commission

Sales and Use Tax

All personal property sold within the State are considered taxable unless specifically exempted or assigned reduced rate by State law. Some services are also subject to sale tax.

Retail sales & use is 7% but the law does allow for a reduced rate for manufacturing machinery, equipment and industrial purposes of 1.5%

Sales tax on automobiles is 5% with trucks & tractors taxed at 3%

Contractors tax assessed on the construction of commercial real property is calculated as 3.5% of the contractors gross receipts.

Mississippi State Tax Commission
Source: Mississippi State Tax Commission (as of Apr 2009)

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Tax Profile - County

Tax Profile– County of Grenada

Tax

Basis

Rate

Agency

Business License

Individual Location

 $20+

Grenada City / Grenada County

Transient Occupancy Tax

Hotel Rate

2%

Grenada City

Utility Tax

 

Property Tax County

Property is assessed at 15% of true value. This assessed value is then multiplied by the millage rate to determine the annual tax liability.

100.34

Grenada County

Property Tax City

- 

 42.43

Grenada City 

Source: Mississippi State Tax Commission, Grenada City Clerk, Grenada County Chancery Clerk
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