Mississippi's largest companies paying no state taxes | Business
Mississippi's top businesses are under fire -- for not paying taxes.
According to research from the PEER committee -- nearly 70 percent of the state's largest companies paid no state corporate income tax from 2006 to 2009.
When it comes to all corporations operating in the state, the number is about 80 percent.
Insiders say it's all legal.
"There's a number of reasons for that," says Ed Sivak of the Mississippi Economic Policy Center. "Some of them don't have profits that will be taxable. Others are shifting income earned in Mississippi to lower states and others may have their income tax liability reduced from different tax breaks."
Leaders in education have something to say about this revelation as well.
"Although there's legislation that intended for them to pay it, there are ways they can get around it," says Frank Yates of the Mississippi Association of Educators.
"So some corporations choose to get around it."
Yates says the money not paid is potentially millions which could be used to help the state's under funded educational system.
Now lawmakers are talking about closing tax loopholes.
Photo courtesy Flickr user AMagill.