Sunday, March 11, 2012

How Many Corporate & Franchise Tax Payers in Franklin County ?


ROXIE, MS -  Based on The 2011 State of Mississippi  Corporate Income and Franchise Tax Information  from the Fiscal Year Audit ending June 30, 2011 there are 78 (seventy-eight) listed corporate taxpayers in Franklin County, Ms.  The breakdown in payments and total tax after payments are as follows: 


Number of Taxpayers   78  (Corporate and Franchise in Franklin County) 
Income Tax > $ 143,397 :   Franchise Tax > $ 95,232 :  Total Before Credits > $ 238,629  
Tax Credits > $ 19,321 :   Tax after Credits > $ 219,308  (avg $ 2811.64 per taxpayer)

A very good barometer of our local economy is based on a two year comparison of Gross Retail Sales from the Mississippi Department of Revenue comparing fiscal year 2012 to 2011 through January 2012.  Information is as follows:


Total for current year >  $ 20,350,836  : Total prior year > $ 21,629,229  - Both figures equally compared through Jan 2012 using comparable 7 month time data from last fiscal year. Fiscal year ends June 30, 2012

Total comparison difference  is   - 1,278,393   or  - 5.91% less than collected in same time comparison to last fiscal year.  


Based on same audit information  the Franklin County Selected Personal Income Tax Information provided shows 2,886 personal  filings with a gross income tax of $ 2,634,711 (avg $ 912.93 per filing) from a net taxable income of   $ 59,433,535

The Mississippi Department of Revenue publishes several reports on revenue. The Diversions to Cities from Sales Tax Collections shows a strong tax income base which is ahead of figures from fiscal 2011.  These comparable figures are from July 1, 2011 to January 31, 2012 and are as follows. 


Roxie 1/12 > 1,580.15  1/11 > 1,882.73  -302.58 * 7/11-1/12 > 9,943.58  7/10-7/11 > 8,985.50 + 958.08
Meadville 1/12 > 11,161.04  1/11 > 11,077.63 +83.41 * 7/11-1/12 >71,723.93 7/10-7/11 > 70,260.90 +1,462.93
Bude 1/12 > 11,272.08  1/11 > 10,786.26 +485.82 * 7/11-1/12 > 69,549.86  Prior Yr > 66,149.91 + 3,399.96


Tax Revenue Diversions to the Cities from Sales Tax Collections show Bude with the most gains at 3,399.96 so far with overall county increase through January 2012 of $5,820.97.  Fiscal tax year ends June 30, 2012






Source: FCNews Reporter; Public Records - Mississippi Department of Revenue