Income Tax Incentives for Manufacturers
*Summarized from information available at Mississippi Development Authority website.
Incentive | Description |
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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.
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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.
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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.
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Growth and Prosperity (GAP) Program |
Income, franchise, sales, and property tax incentives available in specific counties. See program details..
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Franchise Tax Incentives for Manufacturers
*Summarized from information available at Mississippi Development Authority website.
Incentive | Description |
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Growth and Prosperity (GAP) Program
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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.
Incentive | Description |
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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.
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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.
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Growth and Prosperity (GAP) Program
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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.
Incentive | Description |
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Property Tax Exemption on In-State Inventory
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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
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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. |
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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.
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Other Incentives for Manufacturers
*Summarized from information available at Mississippi Development Authority website.
Incentive | Description |
---|---|
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.
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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.