Mississippi
By the Numbers

Mississippi Below is a snapshot of key features of Mississippi's tax system. (Scroll Down)
State & Local Revenue (FY10)
  • General Revenue, Own-Source (GROS): $15.0 billion
  • General Revenue as a Share of Income: 16.6%
  • Tax Revenue: $9.0 billion
  • Tax Revenue as Share of income: 9.9%
  • Personal Income Tax (Share of Tax Revenue): 15.1% (38 out of 51)
  • Corporate Income Tax (Share of Tax Revenue): 3.5 % ( 14 out of 51)
  • Sales & Excise Tax (Share of Tax Revenue): 46.7 % ( 11 out of 51)
  • Property Tax (Share of Tax Revenue): 28.2 % ( 37 out of 51)
  • Other Taxes (Share of Tax Revenue): 5.2 % (27 out of 51)
Personal Income Tax Features (2012)
  • 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 (2012)
  • 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 (2012)
  • 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 (2007)
  • Streamlined Sales Tax Membership: No
  • Sales tax holiday offered in 2013
  • Sales tax applies to some digital goods and services
Property Tax Features (2012)
  • Provides a significant homestead credit.
  • Levies a car tax.
Other Tax & Revenue Features (2012)
  • 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 October 4, 2012

Sources & Glossary