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Below is a snapshot of key features of Mississippi's tax system. (Scroll Down)
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State & Local Revenue (FY08)
- General Revenue, Own-Source (GROS): $14.9 billion
- General Revenue as a Share of Income: 17%
- Tax Revenue: $9.2 billion
- Tax Revenue as Share of income: 10.5%
- Personal Income Tax (Share of Tax Revenue): 16.8% (39 out of 51)
- Corporate Income Tax (Share of Tax Revenue): 4.2% (21 out of 51)
- Sales & Excise Tax (Share of Tax Revenue): 47% (9 out of 51)
- Property Tax (Share of Tax Revenue): 25% (35 out of 51)
- Other Taxes (Share of Tax Revenue): 5.7% (8 out of 51)
Personal Income Tax Features (2011)
- Range of Tax Rates: 3% - 5%
- Standard Deduction: $2,300 ($4,600 for Married Couples)
- Personal Exemption: $6,000 (Extra $2,000 for Head of Household Filers)
- Dependent Exemption: $1,500
- Earned Income Tax Credit (EITC): None
Corporate Income Tax Features (2011)
- Range of Tax Rates: 3.00% - 5.00%
- Income Level at Which Top Rate Applies: $10,000
- Combined Reporting: No
- Apportionment Factor (Payroll): 0%
- Apportionment Factor (Property): 0%
- Apportionment Factor (Sales): 100%
- Apportionment Note: Apportionment formula varies by type of business; single sales is required if no specific business formula is specified
Sales Tax Features (2011)
- State Sales Tax Rate: 7.00%
- Average Local Sales Tax Rate: N/A
- Average Combined State & Local Sales Tax Rate: 7.00%
- State Sales Tax Treatment of Groceries: Taxed at regular rate with no offsetting relief
- Local Sales Tax Treatment of Groceries: N/A
- Number of Services Taxed: 72 out of 168 surveyed
- Streamlined Sales Tax Membership: No
- Sales tax holiday offered in 2011
Property Tax Features (2011)
- Provides a significant homestead credit.
- Levies a car tax.
Other Tax & Revenue Features (2011)
- Gasoline Tax Rate (per gallon): $0.188
- Diesel Tax Rate (per gallon): $0.188
- Cigarette Tax Rate (per pack): $0.68
- Estate or Inheritance Tax: No
- Net Lottery Sales Per Capita: N/A
Tax Policy Oversight
- Tax Expenditure Report: Yes
- Tax Incidence Analysis Capability: Personal income tax only
Last Updated August 25, 2011
Sources & Glossary |