How does Mississippi’s tax code compare? Mississippi has a flat 4.70 percent individual income tax rate. Mississippi has a graduated corporate income tax, with rates ranging from 4.0 percent to 5.0 percent. Mississippi also has a 7.00 percent state sales tax rate and an average combined state and local sales tax rate of 7.06 percent. Mississippi has a 0.70 percent effective property tax rate on owner-occupied housing value.
Mississippi does not have an estate tax or inheritance tax. Mississippi has an 18.4 cents per gallon gas tax rate and a $0.68 cigarette excise tax rate. The State of Mississippi collects $4,449 in state and local tax collections per capita. Mississippi has $4,995 in state and local debt per capita and has a 66 percent funded ratio of public pension plans. Overall, Mississippi’s tax system ranks 20th on our 2024 State Business Tax Climate Index.
Each state’s tax code is a multifaceted system with many moving parts, and Mississippi is no exception. The first step towards understanding Mississippi’s tax code is knowing the basics. How does Mississippi collect tax revenue? Click the tabs below to learn more! You can also explore our state tax maps, which are compiled from our annual publication, Facts & Figures 2024: How Does Your State Compare?
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