Business Information & Rankings
- U.S. News and World Report’s economic ranking of the 50 states listed Mississippi 8th in the nation.
- Mississippi has been experiencing its most sustained level of economic growth ever. Over 109,000 new jobs have been created in the last five years with a total capital investment of over $19.1 billion.
Cost of Living Index
|For Jackson, MS (2005):||Index Score|
|Misc. Goods & Services:||91.5|
Mississippi has the 25th lowest overall crime ranking in the U.S. (FBI, 2004)
Fees & Taxes
Business Inventory Tax
Business inventory is taxed. Counties or cities may exempt products, including finished products, owned by or remaining in the hands of any manufacturer, its subsidiary, or any distributor or wholesale machinery.
Corporate Income Tax
Companies establishing or transferring regional or national headquarters to Mississippi may be eligible for five-year state income tax credits of $1,000 for each new job created and full sales tax exemptions for direct purchases of construction materials, machinery, and equipment for the headquarters facility.
Personal Income Tax
Mississippi’s personal income tax system consists of three separate brackets. The first $5,000 is taxed at 3%. The next $5,000 is taxed at 4%. A top rate of 5% starts at an income level of $10,000.
Personal Property Tax
Taxable. Most intangibles are exempt. However, Mississippi levies an intangible tax on notes with usurious (excessively high) interest.
Mississippi is one of the 38 states that collect property taxes at both the state and local levels.
State Sales and Use Tax
Base Rate: 7%
Machinery Rate: 1.5%
Reduced rates are available for the sales of manufacturing machinery and manufacturing machine parts.
Mississippi’s new employers’ rate is 2.7% for 3 years.