The tax hereby levied is in lieu of all other privilege taxes upon such business, and shall be paid to the commissioner, as provided by law, previous to enjoyment of the privilege for the period covered by the payment; and the amounts paid by the taxpayer in any given calendar year shall be credited upon such income tax as may be due by the taxpayer for such calendar year, or for the next fiscal year ending after the close of such calendar year on the income derived exclusively from the business which measures the annual statewide privilege tax levied by Section 27-21-3, Mississippi Code of 1972. The credit so allowed shall, in no event, be in a greater amount than the total amount of income tax due by the taxpayer for such calendar or fiscal year; it being the purpose and effect of this section that whichever of the above taxes is greater in amount shall be paid by the taxpayer.
Miss. Code Ann. § 27-21-9
Tax in lieu of other privilege taxes
Applied in 2 court decisions — leading case 510 So. 2d 498 - General Motors Corp. v. STATE TAX COM'N (1987)
Most recently applied in Mississippi Department of Revenue v. Isle of Capri Casinos, Inc. (February 2014)
Codes, 1942, § 9344; Laws, 1940, ch. 110; Laws, 1982, ch. 489, § 12, eff from and after January 1, 1983.
Current official text: Mississippi Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Mississippi statutes; confirm against the official source for the current text. Not legal advice.