The Partnership helps businesses and industries identify and qualify for a multitude of incentive programs offered by the State of Mississippi. Here are some examples:
- Jobs Tax Credit
Credits can be applied to reduce state income tax liability for certain types of businesses. The credit amount ranges from 2.5% to 10% of payroll, depending on the county classification and number of jobs.
- Industrial Property Tax Exemption
Provides up to a 10-year exemption from property taxes for eligible industries.
- Energy Investment Loan Program
Provides loans for buildings or equipment up to $300,000 per business for a maximum of seven years. The interest rate is 3% below the prime rate.
- Capital Improvements Revolving Loan Program (CAP)
Provides loans to municipalities and counties for public facilities and infrastructure to assist with business relocation or expansion. Loans may not exceed $1 million per project. Loans may be for a maximum of 20 years; the annual interest rate is 3% for taxable activities and 2% for tax-exempt activities.
- Community Development Block Grant Program
Provides grants to municipalities or counties for infrastructure improvements to assist with the relocation or expansion of businesses. The maximum grant amount per project is $650,000.
- Mississippi Business Investment Act Loan Program (MBIA)
Provides funding for public infrastructure to municipalities and counties to assist with business relocation or expansion. Eligible projects can receive a loan for up to $15,000 per job created by the eligible business and is matched by $1 of state money to $3 of private investment by the eligible business. Loans can be for a maximum of 10 years.
- Economic Development Highway Program (EDH)
Provides grants to municipalities and counties for publicly owned roads and must be used in conjunction with the relocation, expansion, or construction of industry.
- A comprehensive listing of available state tax incentives, grants, and loan programs is available on the Mississippi Development Authority website.