A guide to help you understand the ins and outs of business in Mississippi
Mississippi is one of the states located on the Gulf of Mexico. Jackson is not only its capital, but it is also the state’s largest city. The population of 2.98 million residents makes it the 34th most populous state, while it is the 32nd largest state in the country by total area. In 2019, Mississippi’s gross domestic product was $115,971,000,000.
Mississippi’s largest industries are manufacturing, aerospace, agribusiness, automotive, energy, healthcare, shipbuilding, tourism and film, distribution and warehousing, and IT. The state manufactures over 70% of the Navy’s warship fleet by the 24,000 people employed in the Mississippi’s shipbuilding industry. Mississippi is also home to the largest single-unit nuclear reactor in the US, and is ranked 2nd in the world for oil and gas investment potential.
In 2019, Mississippi exported $6,402,800 to Qatar with its top exports being: Optic, photo, medical/surgical instruments Copper and articles thereof Furniture, bedding, lamps, etc.
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Mississippi has a graduated tax rate for corporate income tax, which follows as such: no tax on the first $3,000; 3% tax on the next $2,000; 4% tax on $5,001 - $10,000; on any income above $10,000 the tax rate will be 5%. Mississippi also has 53 incentive programs and four free trade zones throughout the state: Gulfport, Jackson, Tunica and Hernando.