Mississippi offers a variety of incentives designed to support business growth, job creation, and community development.  With a focus on manufacturing, technology, and infrastructure improvement, the state aims to create a favorable environment for businesses to thrive.  Below are some of the key business incentives available in Mississippi.

Mississippi Economic Development Highway Grant Program

Overview

The Mississippi Economic Development Highway Grant Program provides funding to businesses to assist with the cost of constructing or improving roads that lead to new or expanding business facilities.  This program helps attract new businesses and supports the growth of existing businesses by enhancing transportation access.

Eligibility

• The business must be planning to construct or expand a facility in Mississippi.

• The project must be located in an area that will benefit from improved transportation access.

Incentive Value

• The program provides grants for up to 50% of the costs related to road construction or improvement.

• Grant amounts can vary, depending on the project size and the anticipated economic impact.

Application Process

Businesses must apply to the Mississippi Development Authority (MDA) and submit a project proposal detailing the scope of the road construction or improvement, the expected number of jobs created, and the economic benefits to the community.

Mississippi Small Business Credit Initiative (SBCI)

Overview

The Mississippi SBCI is a program designed to support small businesses by providing access to affordable financing.  The initiative helps small businesses obtain the necessary capital to start or expand operations.

Eligibility

• The business must be a small business, defined as a company with fewer than 500 employees.

• The business must be involved in a project that will create jobs, increase productivity, or enhance business sustainability.

Incentive Value

• The program offers low-interest loans to businesses to support working capital, equipment purchase, and expansion costs.

• Loan amounts can vary but typically range from $50,000 to $500,000.

Application Process

Businesses must apply to one of the participating lenders, who will evaluate the business's financial position and determine eligibility for SBCI funding.

Mississippi Advantage Jobs Program (MAJP)

Overview

The MAJP is designed to incentivize businesses to create high-paying jobs in Mississippi.  The program provides job training and tax incentives to businesses that create high-wage, high-skill jobs in the state.

Eligibility

• The business must create a minimum number of jobs (typically 10-25) with wages that exceed the state’s average wage level.

• The business must also make a significant capital investment in Mississippi.

Incentive Value

• Businesses may be eligible for a refund of up to 50% of their payroll taxes for each new job created.

• The program also offers training grants to support workforce development.

Application Process

Businesses must apply to MDA, providing a detailed project proposal outlining job creation, wage levels, and capital investment plans.

Mississippi Tax Incentive Financing Program (MTIF)

Overview

The MTIF is a financing tool that allows businesses to obtain upfront funding for capital projects.  The program is designed to attract businesses that will have a substantial positive impact on the local economy.

Eligibility

• The business must make a significant capital investment in Mississippi.

• The business must create new jobs and meet specific economic development goals.

Incentive Value

• The program provides tax-exempt bonds that businesses can use to finance capital improvements, including construction and equipment purchases.

• The program can provide up to 100% of the financing for eligible projects.

Application Process

Businesses must apply through MDA, submitting detailed plans for the capital project, including projected job creation and economic benefits.

Mississippi Renewable Energy Incentives

Overview

Mississippi offers a range of incentives to encourage the development and adoption of renewable energy technologies. These incentives include tax credits, grants, and loans for businesses investing in renewable energy infrastructure and projects.

Eligibility

• The business must invest in renewable energy technologies such as solar, wind, or biomass.

• The business must operate in Mississippi or plan to operate renewable energy projects in the state.

Incentive Value

• Tax credits and grants are available to businesses that invest in renewable energy systems, such as solar panels or wind turbines.

• Businesses can receive up to 25% of the project cost in tax credits, with maximum limits of $250,000 for each project.

Application Process

Businesses must apply through MDA, providing detailed information on the renewable energy project and its expected economic and environmental benefits.

Mississippi Industrial Tax Exemption (MITE)

Overview

The MITE program provides property tax exemptions for businesses that invest in new manufacturing or processing facilities in Mississippi. The program is designed to encourage investment in the state’s industrial sector.

Eligibility

• The business must invest in the construction or renovation of manufacturing or processing facilities in Mississippi.

• The business must create a significant number of jobs and make a substantial investment in capital improvements.

Incentive Value

• Businesses can receive a full or partial exemption from local property taxes for up to 10 years.

• The tax exemption can apply to real property, machinery, and equipment.

Application Process

Businesses must apply to MDA and local municipalities, providing detailed plans for the project and its anticipated economic impact.

Mississippi Major Economic Impact Act (MEIA)

Overview

The Mississippi MEIA provides incentives to businesses that make significant capital investments and create jobs in Mississippi.  The program focuses on large-scale projects that can generate substantial economic benefits for the state.

Eligibility

• The business must invest at least $100 million in capital improvements.

• The business must create at least 500 new jobs with competitive wages and benefits.

Incentive Value

• Businesses may be eligible for a variety of incentives, including tax credits, grants, and infrastructure improvements.

• Incentives are based on the project’s size, job creation potential, and economic impact.

Application Process

Businesses must apply to MDA, providing detailed information on the project’s investment, job creation, and economic impact.

Mississippi Community Development Block Grant Program (CDBG)

Overview

The Mississippi CDBG provides funding to support community development projects, including infrastructure improvements, public facilities, and housing.

Eligibility

• The business or local government must be involved in a project that will benefit low- and moderate-income communities.

• Projects must be designed to improve public infrastructure, housing, or community services.

Incentive Value

• The program provides grants to fund up to 100% of the project cost, depending on the specific project type and eligibility criteria.

Application Process

Local governments or businesses must apply to MDA with detailed proposals for community development projects.