Taxes & Incentives

Tippah County Taxes

 

Please click on the link to assess Millage Rates, Property Tax and Personal Tax.

Click here: Tippah County Taxes.

 

Mississippi Tax Incentives

 

Income Tax Incentives for Manufacturers

*Summarized from information available at Mississippi Development Authority website.

 

IncentiveDescription
Jobs Tax Credit

Credit is applied to state income tax. It is calculated as percentage of eligible payroll each year for five years, based on job location and salary paid. Credits taken in years two through six after new jobs are created. View eligibility requirements and percentages allowed.

 

Rural Economic Development (RED) Tax Credit

Credits used to reduce Mississippi corporate income tax. Used in conjunction with industrial revenue bonds issued by the Mississippi Business Finance Corporation (MBFC). Credits are based on amount of bond-related debt service and can be used to offset up to 80% of state corporate income tax liability each year for the life of the bonds. Unused RED credits may be carried forward for three years.

 

Manufacturing Investment Tax Credit

Income tax credits for manufacturers that have operated in Mississippi for at least two years and invested at least $1,000,000 in buildings and/or equipment.
Income tax credit is 5% of eligible project investment and is allowed for the year that the investment occurs. Credits may be carried forward for up to five years; maximum credit on one project is $1,000,000.

 

Growth and Prosperity (GAP) Program

Income, franchise, sales, and property tax incentives available in specific counties. See program details..
GAP-Eligible Counties (2015) include: Adams, Bolivar, Claiborne, Coahoma, Holmes, Humphreys, Issaquena, Jefferson, Leflore, Noxubee, Oktibbeha, Quitman, Sharkey, Sunflower, Tallahatchie, Tunica, Washington and Yazoo

 

Franchise Tax Incentives for Manufacturers

*Summarized from information available at Mississippi Development Authority website.

 

 

IncentiveDescription

Growth and Prosperity (GAP) Program

 

See details of this program in the "Income Tax Incentives for Manufacturers" table above.

Sales Tax Incentives for Manufacturers

*Summarized from information available at Mississippi Development Authority website.

 

 

 

 

IncentiveDescription
Sales and Use Tax Exemption for Construction or Expansion

Allowed on machinery and equipment purchases related to new or expanded facility. Purchases are subject to 1/2 or full exemption depending on construction location. See location information. Available from beginning of construction or expansion to three months after start-up.
Contractor’s tax has no exemptions, and the contractor is allowed to purchase all component building materials exempt from sales tax.
Component building materials may be purchased directly by entities in less developed areas - thus not subject to contractor's tax and no sales tax is due. Must be purchased by, billed to, and paid for directly by eligible entity.

 

Sales and Use Tax Exemption for Industrial Revenue Bonds

Eligible purchases made with industrial revenue bonds from Mississippi Business Finance Corporation (MBFC) can be exempted from sales/use tax in Mississippi.
Component building materials purchased directly by eligible company (using industrial revenue bonds issued by MBFC) are not subject to contractor's tax and can be exempted from sales/use tax.

 

Growth and Prosperity (GAP) Program

 

See details of this program in the "Income Tax Incentives for Manufacturers" table above.
 

Property Tax Incentives for Manufacturers

*Summarized from information available at Mississippi Development Authority website.

 

IncentiveDescription

Property Tax Exemption on In-State Inventory

 

10-year exemption from property taxes. Granted by local governing authorities. May be granted on all property taxes except school taxes.

Property Tax Exemption for Industrial Revenue Bond Financing

 

10-year exemption from property taxes for property purchased with industrial revenue bond proceeds from bonds issued by the Mississippi Business Finance Corporation (MBFC). Granted by local governing authorities. May be granted for all local ad valorem taxes except school district taxes, but may not be granted on finished goods or rolling stock.

Free Port Warehouse Exemption

 

Exemption on finished goods leaving the state. Granted by local authorities. May be for all property taxes and may be perpetual.
Growth and Prosperity (GAP) Program

See details of this program in the "Income Tax Incentives for Manufacturers" table above.

 

 

 

Other Incentives for Manufacturers

*Summarized from information available at Mississippi Development Authority website.

 

 

 

IncentiveDescription
Advantage Jobs Incentive Program

Rebates are a percentage of Mississippi payroll for up to 10 years. Average of all jobs must meet the minimum average wage requirements.
Review the qualifications and rebate amounts for this program.

 

 

For additional information, read the Mississippi Tax Incentives, Exemptions and Credits published by the Mississippi Department of Revenue.

 

**All information on this page is source from the North Mississippi Industrial Development Association.

   To learn more about NMIDA, please CLICK HERE.