The Golden Triangle, with the help of its partners, offers an environment designed to create success.
Through partners at the regional, state and local level, the Golden Triangle is able to create a competitive business environment that facilitates an industry’s ability to generate success. Incentive packaging for every investment is done with the company in mind. Described below are some of the options offered to those looking to invest in the Golden Triangle.
STATE OF MISSISSIPPI GRANT & LOAN PROGRAMS
CDBG Program for Economic Development
The Community Development Block Grant Program provides for a maximum state business grant amount per project of $20,000 per job or up to $2,500,000.
Development Infrastructure Grant Program (DIP)
The Development Infrastructure Grant Program provides for a maximum grant amount per project of $150,000.
Economic Development Highway Grant Program (EDH)
The goals of the EDH program are job creation and private investment with a typical private investment requirement of $70 million. This grant is suitable for state highways, city and county roads, interchanges, and bridges.
Job Protection Grant Program
The Job Protection Grant Program provides for a maximum grant amount per project of $200,000 provided that the existing industry matches the grant on a dollar for dollar basis and may only be available for fixed assets and may not be used for working capital.
Mississippi Rail Grant Program
The Grant Program provides grants to public and private railroads to finance railroad projects that promote economic growth and job creation in Mississippi.
The Rural Impact Grant Fund
The Grant Program provides for a maximum grant amount of $150,000 per project.
Airport Revitalization Revolving Loan Program
County and municipal airport authorities authorized to operate in Mississippi may apply for loans for the airport authority or on behalf of a new expanded industry.
Capital Improvements Revolving Loan Program
County and municipal governmental authorities in Mississippi may apply for loans under this program.
Port Revitalization Revolving Loan Program
State, county and municipal ports authorized to operate in Mississippi may apply for loans for the port or on behalf of a new or expanded industry.
OTHER SOURCES OF FUNDING
Appalachian Regional Commission (ARC)
The Mississippi Development Association works collaboratively with local planning and development districts (PDD’s), economic development organizations, local communities, and other state agencies in the development of eligible projects to address the needs in the 24 Mississippi ARC counties.
Mississippi Business Finance Corporation (MBFC)
Local political entities have the authority to issue general obligation bonds for the purpose of acquiring publically owned land, buildings, and infrastructure.
STATE OF MISSISSIPPI TAX EXEMPTIONS, INCENTIVES, AND CREDITS
Advantage Jobs Program
The Program provides for a rebate of a percentage of Mississippi payroll to qualified employers for a period of up to 10 years.
Free Port Warehouse Property Tax Exemption
A full exemption from property taxes may be granted by local governing authorities on personal property that is being held and stored prior to transport to a final destination outside the state.
Growth and Prosperity Program (GAP)
The Program designates specific counties as GAP counties and provides income, franchise, sales and property tax incentives to companies that locate or expand in these areas of the state.
Industrial Property Tax Exemption
An exemption from property taxes is available to eligible industries that locate or expand in the state and lasts 10 years when granted by local governing authorities if real and tangible personal property being used in the state.
Jobs Tax Credit
Jobs tax credits are credits that can be applied to state income tax to reduce an employer’s income tax liability.
TENNESSEE VALLEY AUTHORITY INCENTIVE PROGRAMS
The Investment Credit is an economic development incentive program jointly offered by TVA and participating local power companies that rewards companies for the five-year economic and energy benefits associated with their new/expanded operations.
Financing is available for companies from TVA Loan Funds to stimulate job growth and leverage capital investment.
Through the Performance Grant Program, TVA makes and investment in competitive economic development projects in the TVA region. Award amounts are paid directly to the company and are flexible for approved purposes.
Security Deposit Coverage
The Security Deposit Coverage program gives qualifying businesses an alternative to tying up valuable capital as they locate or expand in the TVA region.
For more information on incentives offered by the State of Mississippi, CLICK HERE.
For more information on incentive offered by the Tennessee Valley Authority, CLICK HERE.
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