MISSISSIPPI INCENTIVES SUMMARY

Advantage Jobs Program
This program provides a cash rebate of up to 90 percent of income tax withholding for up to ten years to companies creating new jobs with an average annual wage of 110 percent of the state or county where the company is located, whichever is lower. Companies must create at least 25 new jobs to be eligible, and the cash rebate may not exceed four percent of the new employees' total annual salaries.

Jobs Tax Credit
The Jobs Tax Credit is an income tax credit equal to a percentage of payroll (ranging from 2.5 percent to 10 percent) for each newly created job. It is available for five years for eligible companies. A minimum number of jobs must be created to receive the tax credit. Eligible industries include manufacturers, processors, distributors, wholesalers, research and development facilities, warehouses, air transportation and maintenance facilities, movie industry studios, telecommunication enterprises, data or information processing operations, computer software developers, any technology intensive facility, recreational facilities that impact tourism, and final destination or resort hotels with more than 150 guest rooms.

A company may use tax credits to offset 50 percent of its income tax liability, and unused credits may be carried forward for up to five years. Companies must choose between the Jobs Tax Credit and a Job Training Grant.

Job Training Grant
Job Training Grants are awarded to a community or junior college, public university, or local workforce investment board to pay the costs associated with training or retraining employees. Grants may reimburse up to 75 percent of the training costs, not to exceed the dollar limits per job based on location.

Manufacturing Investment Tax Credit
The manufacturing investment tax credit is available to existing manufacturers that have operated in Mississippi for at least two years and invest at least $1 million in additional buildings and/or equipment. The tax credit equals 5 percent of the extra investment in buildings and/or equipment, up to a maximum tax credit of $1 million. After utilizing all other tax credits, the Manufacturing Investment Tax Credit may then be used to offset up to 50% of the entity's income tax liability, and unused tax credits may be carried forward up to five years.

Growth and Prosperity (GAP) Program
The GAP provides tax exemptions for locating in certain economically challenged areas of Mississippi. Companies locating in these areas and creating a minimum of ten new jobs may receive a full tax exemption of all state income and franchise taxes related to the new location and full sales and use tax exemption on all equipment and machinery purchased for the new location. These tax exemptions may be available for up to ten years.