Incentives

State

Mississippi offers an extensive assortment of financial incentives for new and expanding businesses, ranging from tax exemptions and credits to finance programs designed to maximize business potential. For more information about incentives offered by the Mississippi Development Authority, click here.

Jobs Tax Credits
Jobs tax credits are credits that can be applied to state income tax to reduce an employer's income tax liability.  Certain types of businesses that create and sustain new jobs in Mississippi earn these credits. In addition, certain businesses qualify upon receiving designation by the Mississippi Development Authority. Credits can be used to offset up to fifty percent of the entity's income tax liability and unused jobs tax credits can be carried forward up to five years. For more information about jobs tax credits offered by the Mississippi Development Authority, click here.

Local

Free Port Warehouse Tax Exemptions for Hancock County, MS
A full exemption from property taxes may be granted at the discretion of the Board of Supervisors on personal property being held and stored prior to transport to a final destination outside Mississippi. The exemption may be granted for all local property taxes and may be granted for any period set by the Board of Supervisors.

Real and Personal Property Tax Exemptions
A full exemption from ad valorem taxes may be granted for up to 10 years at the discretion of the Board of Supervisors on real and personal property. School taxes cannot be exempted.
Property tax example:
Company capital investment $30,000,000
Assessment rate of 15%   $  4,500,000
Potential Savings $     214,695/yr

Other local incentives:
Time permitting application can be made for Community Development Block Grant (CDBG) assistance to extend infrastructure improvements (i.e. roadway, utilities, etc.) to leased sites if required.

Mississippi Foreign Trade Zone #92:

As a member of the Mississippi Foreign Trade Zone #92, Hancock County provides FTZ benefits such as relief from inverted federal tariffs, federal duty referral, direct delivery, weekly entry, and a reduction in federal merchandise processing fees and personal property taxes. For a complete FTZ summary and benefits explanation, click here.

Gulf Opportunity Zone Bonds:

The Gulf Opportunity Zone Act of 2005 provides for Federal incentives to areas of Mississippi affected by Hurricane Katrina that were designated as warranting individual or public and individual assistance. To assist in the rebuilding effort, the State is authorized to issue up to $4,919,000,000 of a special class of tax-exempt private activity bonds called Gulf Opportunity Zone Bonds or grant bonus tax depreciation. GO zone bonds may be used to finance the acquisition, construction and renovation of commercial real property. This bonding authority expires after December 31, 2010. It should be noted that a business may choose the tax-exempt financing or the bonus depreciation, but not both. For more information about Go Zone Bond financing, click here.

All data and statistics provided are county data unless otherwise indicated. Data is updated annually unless otherwise noted. If you can't find the information you are looking for, please ask us to help you.

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