Aside from our great
community and tremendous economic environment,
consider just a few of the great unique incentives
we offer our prospective industry. We offer Federal Empowerment Zone tax credits, State job tax credits,
local tax waivers, Freeport warehouse, right to work state, local incentives
and an excellent quality of life for your employees. Our web site
is loaded with reasons to call Belzoni,
Mississippi, your industrial or family home.
Federal Tax Credit on
Wages
Employers could receive up reimbursements per
employee that live and work in the zone.
Work Opportunity Credit
Employers could receive reimbursements for
employees hired from groups that have high
unemployment rates, including youth 18 to 24 that
live in the Zone, plus veterans and food stamp
recipients.
Commercial Revitalization
Deduction
Would allow businesses that construct or
rehabilitate commercial property to deduct a
portion of the cost over a shorter period of time.
Increase Section 170
Deduction
Allows qualified businesses to take a deducation
on equipment purchases.
Need more incentives and credits? E-mail
us!
Tax Incentive Programs in Downtown
Tax Rebatement
Renovations or improvements to existing structures
allow owners to receive tax abatement for up to 7
years.
Façade Grants
Grant available for (%) one-third of the cost of
rehabilitation.
Historic Tax Credits
You would receive up to 20% of the rehabilitation
cost in federal tax credit.
Growth And Prosperity
Program (GAP)
The Growth and Prosperity
Program (GAP) is an incentive program designed to
encourage development in economically challenged
areas of the state. This program designates
Humphreys
County
as a GAP county and provides income,
franchise, sales, and property tax incentives to
companies that locate or expand in
Humphreys
County
.
To receive a GAP designation, the county must have
an unemployment rate that is 200% of the state’s
annual unemployment rate, or must have 30% or more
of it’s population below the federal poverty
rate.
Program Facts
The following businesses that create 10 or more
jobs are eligible to participate under the GAP
Program:
-
Manufacturing,
processing, assembling, storing, warehousing,
servicing, distributing or selling of any
products or goods, including products of
agriculture;
-
Enterprises for research
and development, including, but not limited
to, scientific laboratories; or
-
Other businesses or
industries that will further the public
purposes of the GAP Act as determined on a
case-by-case basis by MDA, and that create a
minimum of ten (10) jobs.
Retail or gaming businesses
or electrical generation facilities are not
considered eligible business enterprises
Eligible entities that locate or expand in a GAP
area receive a series of tax incentives for a
period of up to ten years. Taxes that are included
in this full exemption are:
Sales and use taxes on all
equipment and machinery purchased during the
initial construction or expansion at an approved
facility. This exemption is valid from the date
that the project begins until three months after
start-up. This exemption, or the contractors tax.
This exemption applies to the
general 7% sales tax on component building
materials, equipment, and other assets purchased
for the project as well as the 1.5% sales tax on
manufacturing machinery. The exemption is
available from the beginning of the project until
three months after the start-up of the new or
expanded facility.
For commercial construction
in
Mississippi
, there is a contractor’s tax assessed on the
construction of commercial real property that is
calculated as 3.5% of the contractor’s gross
receipts from the construction.
Contractor’s tax has no exemptions, and the
contractor is allowed to purchase all component
building materials exempt from sales tax.
Under this exemption,
component building materials can be purchased
directly by the GAP business. If these materials
are not part of the construction contract, they
are not subject to contractor’s tax, and sales
tax is not due on materials purchased by the GAP
company. To qualify for the exemption, the
materials must be purchased by, billed to, and
paid for directly by the eligible entity.
Contractor’s tax will still apply to the labor
portion of the construction contract.
All state income and franchise taxes related to
the new location or expansion. In instances where
an expansion is approved for companies already
subject to
Mississippi
income and franchise tax, an apportionment formula
will be used to determine the percentage of
Mississippi
income and/or capital that is exempt through GAP.
This formula utilizes a property factor and a
double weighted payroll factor based on GAP
property and payroll divided by the total company
property and payroll. Specific calculation
guidelines can be obtained from the Mississippi
State Tax Commission.
Property taxes levied on land, building, equipment
and certain inventory at an approved facility in
an approved GAP designated area. This exemption
does not include school taxes and that portion of
the property tax utilized to pay for fire and
police protection. If the company is eligible for
a Free Port Warehouse exemption, it must be
applied for separately.
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