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State and Local Tax Exemptions, Incentives, and Credits
Jobs Tax Credit
State of Mississippi Grant and Loan Programs
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Tennessee Valley Authority Incentive Programs
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Other Sources of Funding
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State and Local Tax Exemptions, Incentives, and Credits
Jobs Tax Credit
State of Mississippi Grant and Loan Programs
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Tennessee Valley Authority Incentive Programs
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Other Sources of Funding
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State and Local Tax Exemptions, Incentives, and Credits
Advantage Jobs Program - provides for a rebate of a percentage of Mississippi payroll to qualified employers for a period of up to 10 years.
Fee-in-Lieu of Taxes - provides up to a two-thirds exemption of local ad valorem taxes with a capital investment of $60 million or greater
Free Port Warehouse Property Tax Exemption -full exemption from local ad valorem property taxes that may be granted on personal property being held and stored prior to transport to a final destination outside the state
Growth and Prosperity Program (GAP) - income, franchise, sales and property tax incentives to companies that locate or expand in counties designated by the state
Industrial Property Tax Exemption - up to 10 year exemption of local ad valorem taxes on real and personal property being used in the state
Jobs Tax Credit - credits that can be applied to state income tax to reduce an employer’s income tax liability
Mississippi Flexible Incentive Plan
Mississippi’s new tax incentive, the Mississippi Flexible Tax Incentive (MFLEX), is a streamlined universal tax credit that may be used to offset a company’s Mississippi state tax liabilities.
MFLEX is designed to better meet the needs of new and expanding businesses by offering flexibility and simplicity. MFLEX eliminates the need for multiple applications for incentive programs, and it provides greater transparency to companies and state stakeholders regarding the value of credits awarded.
New and expanding businesses in eligible industries that have a planned capital investment in excess of $2.5 million and creating 10 or more jobs may apply for MFLEX.
Workforce Incentive Programs
Mississippi Workforce Enhancement Training (WET) Fund - Provides reimbursement for approved costs related to employee training. Eligible projects for priority industries include training new or existing employees by the local community college, contractor, or business; train-the-trainer activities for disciplines not currently available through the local community college or company; and vendor training.
Mississippi Works Fund - Grants for job creation and work ready projects used to maximize existing training resources available through the Workforce Enhancement Training Funds (WET), the Workforce Innovation and Opportunity Act, and other sources. Benefitting business should be targeted towards high growth target industry sector as identified by the Mississippi Development Authority.
Mississippi Apprenticeship Program - Designed to support businesses in growing their own skilled workforce through a combination of rigorous on-the-job training and related classroom instruction. Helps companies, regardless of size, develop a Registered Apprenticeship (RA) program from the initial concept phase to registration and subsequent implementation within the company.
Workforce Investment Network (WIN) Job Centers - One-stop resources for employment and training services for businesses and job seekers. Services include on-the-job training wage reimbursement; youth employment programs; foreign worker certification; Work Opportunity Tax Credit application assistance; Fidelity bonding program application assistance; job fairs; post job openings; and unemployment tax assistance.
On The Job Training (OJT) - Federally funded training program provides reimbursement to employers for hiring and training costs, where up to half of eligible trainees’ beginning wages may be reimbursed. Existing employees who need to advance their skills to learn new technologies or new jobs requiring additional skills are also eligible.
Work Opportunity Tax Credit (WOTC) Program - Federal tax credit available to companies hiring individuals from eligible target groups with significant barriers to employment. The tax credit may range from $1,200 up to $9,600, depending upon the target group and other factors of the employee. Eligible target groups include Veterans; TANF recipients; Food Stamp recipients; Designated Community Residents; Vocational Rehabilitation referral; Ex-felons; Supplemental Security Income recipients and Long Term Unemployment Recipients.
Fidelity Bonding Program - No-cost bond on at-risk employees by The U.S. Department of Labor designed to help employers hire individuals with past life experiences that may present honesty or bonding issues, such as ex-offenders.
State of Mississippi Grant and Loan Programs
Community Development Block Grant (CDBG) Program for Economic Development - 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) - Provides for a maximum grant amount per project of $150,000
Economic Development Highway Grant Program (EDH) - Grant with a typical private investment requirement of $70 million that is suitable for state highways, city and county roads, interchanges, and bridges
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; may only be available for fixed assets and not used for working capital
Mississippi Rail Grant Program - Provides grants to public and private railroads to finance railroad projects that promote economic growth and job creation in Mississippi
Rural Impact Grant Fund - 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.
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.
Tennessee Valley Authority Incentive Programs
Investment Credit - Program jointly offered by TVA and participating local power companies that rewards companies for five or 10-year economic and energy benefits associated with their new/expanded operations. Awards are applied as a credit to monthly power bills. Most companies can expect a 10-20 percent savings annually over a five or 10-year period.
Workforce + - Provides additional incentive to new or expanding companies with a significant focus on providing resources to an eligible talent pipeline development program
Loan Funds - Financing is available for companies from TVA Loan Funds to stimulate job growth and leverage capital investment. TVA seeks to fill a funding gap or lower interest costs of project funding. Maximum loan amount is $3 million and is determined primarily by jobs and capital investment. Loan terms may be from five to 20 years, based on collateral.
Performance Grant - Through the Performance Grant program, TVA makes an investment in competitive economic development projects for new and expanding companies in the TVA region. Award amounts are paid directly to the company and are flexible for approved purposes. Funding amounts are based upon the five-year economic impact of the project and made at the discretion of TVA Economic Development.
Security Deposit Coverage - Allows the waiver of electric utility deposits to qualifying customers for up to five years to give qualifying businesses an alternative to tying up valuable capital as they locate or expand in the TVA region
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.
Advantage Jobs Program - provides for a rebate of a percentage of Mississippi payroll to qualified employers for a period of up to 10 years.
Fee-in-Lieu of Taxes - provides up to a two-thirds exemption of local ad valorem taxes with a capital investment of $60 million or greater
Free Port Warehouse Property Tax Exemption -full exemption from local ad valorem property taxes that may be granted on personal property being held and stored prior to transport to a final destination outside the state
Growth and Prosperity Program (GAP) - income, franchise, sales and property tax incentives to companies that locate or expand in counties designated by the state
Industrial Property Tax Exemption - up to 10 year exemption of local ad valorem taxes on real and personal property being used in the state
Jobs Tax Credit - credits that can be applied to state income tax to reduce an employer’s income tax liability
Mississippi’s new tax incentive, the Mississippi Flexible Tax Incentive (MFLEX), is a streamlined universal tax credit that may be used to offset a company’s Mississippi state tax liabilities.
MFLEX is designed to better meet the needs of new and expanding businesses by offering flexibility and simplicity. MFLEX eliminates the need for multiple applications for incentive programs, and it provides greater transparency to companies and state stakeholders regarding the value of credits awarded.
New and expanding businesses in eligible industries that have a planned capital investment in excess of $2.5 million and creating 10 or more jobs may apply for MFLEX.
Mississippi Workforce Enhancement Training (WET) Fund - Provides reimbursement for approved costs related to employee training. Eligible projects for priority industries include training new or existing employees by the local community college, contractor, or business; train-the-trainer activities for disciplines not currently available through the local community college or company; and vendor training.
Mississippi Works Fund - Grants for job creation and work ready projects used to maximize existing training resources available through the Workforce Enhancement Training Funds (WET), the Workforce Innovation and Opportunity Act, and other sources. Benefitting business should be targeted towards high growth target industry sector as identified by the Mississippi Development Authority.
Mississippi Apprenticeship Program - Designed to support businesses in growing their own skilled workforce through a combination of rigorous on-the-job training and related classroom instruction. Helps companies, regardless of size, develop a Registered Apprenticeship (RA) program from the initial concept phase to registration and subsequent implementation within the company.
Workforce Investment Network (WIN) Job Centers - One-stop resources for employment and training services for businesses and job seekers. Services include on-the-job training wage reimbursement; youth employment programs; foreign worker certification; Work Opportunity Tax Credit application assistance; Fidelity bonding program application assistance; job fairs; post job openings; and unemployment tax assistance.
On The Job Training (OJT) - Federally funded training program provides reimbursement to employers for hiring and training costs, where up to half of eligible trainees’ beginning wages may be reimbursed. Existing employees who need to advance their skills to learn new technologies or new jobs requiring additional skills are also eligible.
Work Opportunity Tax Credit (WOTC) Program - Federal tax credit available to companies hiring individuals from eligible target groups with significant barriers to employment. The tax credit may range from $1,200 up to $9,600, depending upon the target group and other factors of the employee. Eligible target groups include Veterans; TANF recipients; Food Stamp recipients; Designated Community Residents; Vocational Rehabilitation referral; Ex-felons; Supplemental Security Income recipients and Long Term Unemployment Recipients.
Fidelity Bonding Program - No-cost bond on at-risk employees by The U.S. Department of Labor designed to help employers hire individuals with past life experiences that may present honesty or bonding issues, such as ex-offenders.
Community Development Block Grant (CDBG) Program for Economic Development - 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) - Provides for a maximum grant amount per project of $150,000
Economic Development Highway Grant Program (EDH) - Grant with a typical private investment requirement of $70 million that is suitable for state highways, city and county roads, interchanges, and bridges
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; may only be available for fixed assets and not used for working capital
Mississippi Rail Grant Program - Provides grants to public and private railroads to finance railroad projects that promote economic growth and job creation in Mississippi
Rural Impact Grant Fund - 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.
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.
Investment Credit - Program jointly offered by TVA and participating local power companies that rewards companies for five or 10-year economic and energy benefits associated with their new/expanded operations. Awards are applied as a credit to monthly power bills. Most companies can expect a 10-20 percent savings annually over a five or 10-year period.
Workforce + - Provides additional incentive to new or expanding companies with a significant focus on providing resources to an eligible talent pipeline development program
Loan Funds - Financing is available for companies from TVA Loan Funds to stimulate job growth and leverage capital investment. TVA seeks to fill a funding gap or lower interest costs of project funding. Maximum loan amount is $3 million and is determined primarily by jobs and capital investment. Loan terms may be from five to 20 years, based on collateral.
Performance Grant - Through the Performance Grant program, TVA makes an investment in competitive economic development projects for new and expanding companies in the TVA region. Award amounts are paid directly to the company and are flexible for approved purposes. Funding amounts are based upon the five-year economic impact of the project and made at the discretion of TVA Economic Development.
Security Deposit Coverage - Allows the waiver of electric utility deposits to qualifying customers for up to five years to give qualifying businesses an alternative to tying up valuable capital as they locate or expand in the TVA region
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.