§11-23-1. Legislative finding.
This business franchise tax on corporations and partnerships
is enacted pursuant to the provision of article X, section one of
the constitution of this state, granting to the Legislature the
authority to tax privileges, franchises and incomes of persons
and corporations. The Legislature finds and declares that this
franchise tax is imposed on the privilege of doing business in
this state, and that this tax is not an ad valorem property tax
imposed on the property of corporations and partnerships doing
business in this state.