Magnolia Venture Capital Corporation, but not the shareholders thereof, is exempt from all state income taxes and corporate license fees.
Structure Mississippi Code
Title 57 - Planning, Research and Development
Chapter 77 - Venture Capital Act of 1994
§ 57-77-3. Purpose of chapter; entities as instrumentalities of the state; sovereign immunity
§ 57-77-7. Taxpayer entitlement to credit against state tax liability
§ 57-77-13. Exemption from taxation and license fees of Magnolia Venture Capital Corporation
§ 57-77-15. Magnolia Capital Corporation to apply to department for loan
§ 57-77-17. Terms and conditions of loan to Magnolia Capital Corporation
§ 57-77-19. Assistance of Magnolia Capital Corporation with program compliance
§ 57-77-21. Reports by Magnolia Capital Corporation
§ 57-77-23. Authority of corporations to engage professional services
§ 57-77-27. Certification of nondiscrimination as condition to assistance to business