Taxes and Incentives
County Millage Rates: PDF Version
Detailed Exemption Policies:
Industrial Tax Exemption Policy: PDF Version | Word Version
Tax Exemption Worksheet Application: Word Version | Tax Exemption Form: https://www.dor.ms.gov/Property/Documents/IndExemPacket-Website2016.pdf
Commercial Development Incentive Program: PDF Version
When it comes to incentives, some locales are prone to offer the moon and the stars.
However, here in the home of the Stennis Space Center where work is underway for actual Mars exploration, when it comes to incentives we keep our sights trained firmly on earth—on your company, to be more specific.
Call it the Hancock Custom Fit, a state-local package of incentives that have been strategically coordinated to yield the greatest economic impact for your operation. To start, fill out this form and email it to omcclure@hcphc.ms.
State Incentives
State incentives suiting a wide range of sizes and sectors: Here in Hancock we start with a large pool of state incentives—51 separate incentive programs—more than any other Southeastern state, including Florida or Texas.* The state’s over two dozen tax incentives range from the Advantage Jobs program (providing up to a 10-year tax rebate) and the 10-year Industrial Property Tax Exemption, to the Jobs Tax Credit and the Manufacturing Investment Credit, to the Research and Development Skills Tax Credit and the Mississippi Aerospace Initiatives Program providing corporate tax incentives for manufacturing, assembly, or training and/or R&D. And more incentives are always on the drawing board—just last year, a new incentive exempted manufacturers from a 1.5% energy sales tax.
Local Incentives
Diversely targeted, these incentives one single goal: Job creation and success for state employers. Bottom-line-boosting loan programs are equally generous, and include revolving loans for port and airport development. Infrastructure grants are also available.
Hancock special tailoring, special touches: In Hancock County, we help industry leverage the qualified state incentives to maximum effect, while offering more incentives of our own, including:
- Land owned by the Hancock Port and Harbor Commission: ROI is closer at hand, thanks to specially negotiated lease terms and rapid permitting.
- Property tax abatements up to 10 years.
- PILOT (Payment or fees in lieu of taxes) program, allowing for lower assessment rates.
- Foreign Trade Zone #92, providing a range of cost savings and efficiencies.
Custom work-force training of one of Mississippi’s strongest labor bases. Mississippi has repeatedly made Area Development’s Top 10 States for Doing Business, in part because of favorable labor costs (ranked #3 by Area Development.) And in Hancock County low-cost labor is also tops in quality, thanks to a labor base strengthened by a superior P-12 education system, combined with world-class education assets like Stennis Innovation Center, and 21 community colleges and 30 universities within an hour’s drive.
And while we don’t offer the moon and the stars for our incentives, but we do offer quite a view of the moon and the stars over the Gulf—and an even better view of the future, thanks to targeted incentive
|
Incentive |
Description |
Legal Entity Responsible |
|---|---|---|
|
Fee-in-Lieu |
A company may be approved to pay a fee in lieu of standard property taxes. This negotiated fee is valid for 10 years but cannot be less than 1/3 of the property tax levy. |
Hancock County Board of Supervisors |
|
10-Year Property Tax Exemption |
An exemption from property taxes on land, building and equipment is available for up to 10 years. School taxes are not exempt. |
Hancock County Board of Supervisors |
|
Reduced Land Costs
|
A company may be approved to pay a reduced lease rate for land based on economic impact of the project investment, job creation, and average wage. |
Hancock County Port and Harbor Commission |
|
Site Prep Assistance
|
Provide funds to aid in infrastructure needs on-site, whether special project funds or an allocation of negotiated fee-in-lieu payments. |
Hancock County Port and Harbor Commission |
|
Reduced Facility Lease |
Provide a facility for industry operations at a long-term economic development incentivized rate. |
Hancock County Port and Harbor Commission |
|
Provide property tax exemption for all inventories that are subsequently located outside the boundaries of the State after being sold. |
Hancock County Board of Supervisor |
|
|
Foreign Trade Zone |
Provide duty exemptions on certain imported components. |
Foreign Trade Zone Board No. 92 |
|
Training Facility |
Provide 9,000 sf in the McDonald Training Center located in Port Bienville Industrial Park for employee screening, recruitment and training. |
Hancock County Port and Harbor Commission |
Programs include:
- Real Estate and Infrastructure Improvement Assistance
- Infrastructure and build-to-suit cost offsets/discounts
- Utility extensions
- Road and transportation infrastructure
- Expedite/fast-track both environmental and building permitting (if needed)
- Fee waivers and/or reductions (environmental, building, licensing)
- Real and personal property tax abatement
- Construction material and process equipment sales and use tax reimbursements
- Reduced utility costs
- Freeport exemption
- Foreign Trade Zone #92
- Facility discounts or off sets
- Technology support
- Employee recruiting and training expense reimbursement
- Equipment relocation cost reimbursements
Mississippi offers a strong portfolio of business incentives for companies creating new jobs and making corporate investments in the state. Incentives include grants and loans designed to meet the infrastructure needs of new and expanding businesses, workforce training programs, small and minority-owned business assistance programs, and statutory tax incentives. The Mississippi Development Authority works closely with prospective companies and existing businesses considering growth opportunities to understand and meet their needs and provide a level of responsiveness second to none. MDA’s Financial Resources Division provides technical assistance to businesses, consultants, economic development professionals and others regarding the state’s incentives. To learn more about Mississippi’s incentives offerings, explore the menu to the right, or contact MDA’s Financial Resources Division at financial@mississippi.org | 601.359.3552 or check out their website here: Mississippi Development Authority Incentives.
* According to the State Business Database maintained by the Council for Community and Economic Research.