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Mississippi's economy relies on agriculture and forestry. The state is the second-biggest producer of catfish in the nation and a leading producer of cotton and sweet potatoes. Other industries backing the economic growth are tourism and gambling. Thus, at $2.25 billion, the Magnolia State is the 6th in the country in relation to gambling income.
Though not among the Top States for Business in the CNBC 2022 rating, Mississippi has quite a number of opportunities for small enterprises (SMEs) in the hospitality and tourism sectors as well as in food service, real estate, and consulting services.
Our overview of small business facts for Mississippi will help you get a more complete picture of its economy and business environment.
Starting from 2022, the first $5.000 of the taxable income is not taxed, and the lowest rate is 4% charged on the next $5.000;
In 2023, the first $10.000 of the taxable income won’t be taxed;
In 2024, the tax rate levied over income above $10.000 will be reduced to 4.7%;
Corporations in MS are exposed to a corporate franchise tax that can’t be lower than $25 and is levied at $2.50 per $1.000 of the capital used above $100.00 or the assessed property value, whichever is a bigger amount;
The state sales tax rate in MS is among the highest in the country at 7%. The highest local sales tax rate hits 1%, so the average combined commercial levy is about 7.07%.