Mississippi on Business Facilities Online

MISSISSIPPI Fast Facts

• Population (2008): 2,938,618
• Largest Cities (2008): Jackson, 173,861; Gulfport, 70,055; Hattiesburg, 51,993; Biloxi, 46,670;
   Southaven, 44,076
• Targeted Industries: Aerospace, Automotive Suppliers, Contact Centers, IT, Warehouse/Distribution
• Key Incentives: Advantage Mississippi, Rural Economic Development Tax Credits, Freight Rail Service Grant
• GDP (All Industry 2008): $91.8 billion*

*Bureau of Economic Analysis, U.S. Department of Commerce

MISSISSIPPI State Incentives

Existing Manufacturer Tax Credits provide income tax credits for existing manufacturers that have operated in Mississippi for at least two years if the manufacturer invests at least $1 million in additional buildings and/or equipment. The company is eligible for an income tax credit of 5% of the approved investment. This credit is for the year that the investment occurs, and can be carried forward for up to five years, with the maximum tax credit allowed on any project being $1 million.

Mississippi's Advantage Jobs Program provides a cash rebate to companies that create new jobs in the state. This rebate can equal up to 4% of the company's eligible payroll, and may be paid for up to ten years. To qualify, an eligible company must simply create a minimum number of jobs and pay 125% of the state's average annual salary.

Industrial Revenue Bond Financing Tax Incentives help company's finance construction or expansion activities using bonds that provide a competitive finance rate as well as an exemption from sales and use tax on all purchases using bond proceeds. Some businesses also qualify for Rural Economic Development Credits equal to the debt service of the bonds. The credits can be used to offset up to 80% of the company's Mississippi corporate income tax liability. Property purchased with the proceeds may also be eligible for up to a 10-year ad valorem exemption for all property taxes assessed except school district taxes.

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