- Mississippi’s Clean Energy Initiative Incentives Program provides a franchise tax exemption and other tax incentives to companies that manufacture systems or components used to generate clean, renewable or alternative energy and create at least 250 full-time jobs and invest a minimum of $50 million in Mississippi.
- The Mississippi Health Care Industry Zone Incentive Program aims to increase the number of health care jobs in the state and expand access to high-quality medical care for Mississippi residents by encouraging health care-related businesses to locate or expand in Health Care Zones in the state. The program provides eligible businesses with an accelerated, 10-year state income tax depreciation deduction; and a sales tax exemption for equipment and materials purchased from the date of the project’s certification until three months after the facility is completed. In addition, the program allows counties and cities, at their discretion, to grant a property tax “fee in lieu” for 10 years for any certified project with an investment of more than $10 million or a 10-year ad valorem tax exemption.
- Advantage Jobs Program is available to eligible businesses that promise significant expansion of the economy through the creation of jobs. The average of all jobs included in the program must meet the minimum average wage requirements. The program provides for a rebate of a percentage of Mississippi payroll to employers for a period of up to 10 years.
- The Jobs Tax Credit provides credits that can be applied to state income tax to reduce an employer’s income tax liability. The credits are earned by certain types of businesses that create and sustain new jobs in Mississippi.
- Manufacturing Investment Tax Credit is available to existing manufacturers that have operated in Mississippi for two or more years. Credits can be applied to the entity’s state income tax liability. To qualify, an existing manufacturer must invest $1,000,000 or more in buildings and/or equipment used in the manufacturing operation.
- Research and Development Skills Tax Credit are credits equal to $1,000 per employee per year for a five-year period that can be used to reduce an eligible entity’s income tax liability. These credits are available for any position requiring research or development skills.
- Rural Economic Development Income Tax Credit can be used to reduce Mississippi corporate income tax. These credits are created based on the amount of bond-related debt service paid on industrial revenue bonds issued by the Mississippi Business Finance Corporation (MBFC).
- Skills Training Income Tax Credit can be applied to state income tax to reduce an employer’s income tax liability. These credits are earned by certain types of businesses that offer training to their employees in Mississippi.
- Reduced Sales Tax Rate on Electricity used in Enhanced Oil Recovery is available to companies producing oil and gas in the state using carbon dioxide as a method of enhanced oil recovery.
- Property Tax Fee in Lieu – For new or expansion projects in the state that have a private capital investment in excess of $60 million, a negotiated fee can be set that is paid in place of the standard property tax levy. This incentive is provided to encourage development with local communities and must be agreed to by the local board of supervisors and municipal authorities prior to being awarded.
- Property Tax Exemption for Industrial Revenue Bond Financing is an exemption from property taxes on land, building and equipment is available and is valid for up to 10 years on property purchased with industrial revenue bond proceeds from bonds issued by the Mississippi Business Finance Corporation (MBFC).
- Property Tax Exemption for Broadband Technology is available for eligible telecommunications businesses on the purchase of equipment used in the deployment of broadband technology in the state.
- Sales and Use Tax Exemption for Businesses in Growth and Prosperity (GAP) Areas provides for a sales and use tax exemption to companies that locate or expand in areas of Mississippi designated as GAP counties.
- Sales and Use Tax Exemption for Headquarters is available for eligible businesses that create their national or regional headquarters in Mississippi, transfer their headquarters to the state or grow their existing headquarters operations in the state. This exemption applies to component building materials used in the construction or improvement of a facility, as well as the machinery and equipment used in the facility. A minimum of 20 new headquarters jobs must be created for a business to qualify for this exemption.
- Property Tax Exemption on In-State Inventory applies to property taxes on land, building and equipment is available and is valid for up to 10 years on property purchased with industrial revenue bond proceeds from bonds.
- Sales and Use Tax Exemption for Clean Energy Businesses is provided to companies that manufacture systems or components used to generate clean, renewable or alternative energy and create at least 250 full-time jobs and invest a minimum of $50 million in Mississippi.
- Standard Property Tax Exemption is available to eligible industries that locate or expand in the state. This 10-year exemption from property taxes may be granted by local governing authorities on real and tangible personal property being used in the state. The exemption may be granted for all local property taxes except school district taxes on any property, but may not be granted on finished goods or rolling stock.
