Secretariat

U.S. State Programs for New Investments

Available Investment Programs

Mississippi

Taxes

• State income tax credits for five years and up to US$500 for each newly created job for new or expanding businesses - at least 20 new jobs must be created.
• Additional income tax credits of US$500 for 5 years for each new R&D job created. No sales tax on purchase of construction materials, machinery, and equipment when investing in less developed counties - 50% sales tax redemption on construction materials, machinery, and equipment when investing in moderately developed and developed counties.
• Transfer of regional or national headquarters to the State makes companies eligible for an additional 5 year state income tax credit of US$500 for each new job created - at least 35 new jobs must be created - and full exemption from sales tax on construction materials, machinery, and equipment for the HQ is granted.
• Exemption from county property taxes for eligible companies.
• The port tax credit provides an income tax credit to companies that use state port facilities - the credit is based on the amount of receiving, handling, and wharfage costs incurred.
• Companies locating in counties participating in the Growth and Prosperity Program (intended for economically disadvantaged counties) are eligible to receive up to a 10-year ad valorem tax exemption - but the exemption does not include school tax or taxes for fire and police protection.
• The Mississippi Advantage Jobs Incentive Program which is administers by the Mississippi Development Authority and the Mississippi State Tax Commission provides additional incentives to eligible companies - the amount of the incentive is based on pre-defined criteria but may not be greater than the estimated net direct State benefit from the new company or expansion at an existing facility.

Employee Training

• State income tax credits equal to 25% of costs of basic skills training or job retraining.
• Industrial training programs run by the Department of Education through the Job Training Partnership Act (JTPA) assist new and expanding companies to determine employment needs, to screen, select, and recruit employees, and provides pre-employment training at no cost to the company - in addition, the company may receive reimbursement of up to 50% of an employees wages for a six month period during on-the-job training.
• Companies hiring employees from targeted categories defined by the JTPA can receive additional tax credits in the amount of 40% on the first US$6,000 in wages.

Financing

• Local communities that need infrastructure improvements in order to win a specific investments of US$300 million or more can qualify for the Major Economic Impact Authority Program, thereby gaining access to funds from the Mississippi Development Authority to make the necessary improvements to their infrastructure - parallel programs include the Airport Revitalization Revolving Loan Program, Port Revitalization Revolving Loan Program, Development Infrastructure Loan Program, Energy Investment Program, Mississippi Access Road Program, and Economic Development Highway Program.
• The Rural Economic Development Assistance Program allows eligible businesses to receive credit on state corporate income taxes to offset annual debt service on bonds.
• The Industrial Development Revenue Bond Program reduces project financing interest costs for companies through the issuance of taxable and tax-exempt bonds - the bonds are issued by the Mississippi Business Finance Corporation and the funds collected through the bond sale may be used for purchase and construction of real property, machinery, and equipment.

< Table of Contents | Tennessee >