Incentives
A variety of local and state incentive programs is available to qualified businesses locating or expanding in Grenada County.
For more detailed information on the incentive programs listed below, contact the Grenada County Economic Development District at (662) 229-9502 or at info@grenadameansbusiness.com.
You can also visit the Mississippi Development Authority incentives database for more detailed information by clicking here and filtering for the type of incentive that you need.
Property Tax Incentives
Property Tax Exemption
A ten (10) year exemption from ad valorem taxes on tangible property may be granted by local governing authorities. These local governing authorities are the board of supervisors for the county and the municipal authorities for the city.
Free Port Warehouse Exemption
An incentive for all warehouses, public or private, or other storage facilities which are designated as a free port warehouse is available in the form of an exemption from ad valorem taxes on personal property in transit to a final destination outside this state.
Ad Valorem Tax Exemption for Broadband Technology Equipment
An ad valorem tax exemption is available for telecommunication businesses on the purchase of equipment used in the deployment of broadband technology.
Income Tax Incentives
Jobs Tax Credits
An income tax credit is available for a five (5) year period equal to 5% of payroll for each newly created job of an eligible business in Grenada County. A minimum of 15 jobs must be created to receive credit.
National or Regional Headquarters Tax Credit
An income tax credit is available for a five (5) year period between $500 and $2,000 for each position assigned to the national or regional headquarters of a business created in or transferred to Mississippi. A credit equal to $1,000 for each position if the salary is 125% of the average annual state wage or a credit of $2,000 per position is available if the salary is 200% of the average annual state wage. A minimum number of 35 new headquarter jobs must be created to receive the credit.
Research & Development Skills Tax Credits
An income tax credit is available for a five (5) year period equal to $1,000 per year for any position requiring research or development skills.
Skills Training Tax Credit
An income tax credit is available equal to the expense of providing skills training to Mississippi employees. Qualified expenses include instructors, instruction materials, equipment, and construction and maintenance designated by an employer for training purposes.
MBFC Rural Economic Development (RED) Bond Tax Credit
An income tax credit is available equal to the debt service on industrial revenue bonds issued by the Mississippi Business Finance Corporation (MBFC) under the Mississippi Rural Economic Development Assistance Program for approved businesses receiving such bonds.
Ad Valorem Based Income Tax Credit
The Ad Valorem Tax Credit is an income tax credit equal to the amount of ad valorem tax paid on the commodities, goods, wares, or merchandise held for resale of a business located in Mississippi. This includes any ad valorem tax paid to a county, city, school district, levee district, or any other taxing authority of the state.
Employer Provided Dependent Care Tax Credit
An income tax credit equal to one-half (½) of the expenses of providing dependent daycare for employees is available to all types of businesses providing daycare which is certified by the Mississippi Department of Health.
Export & Import Port Charges Tax Credit
An income tax credit is available equal to the charges a business pays for exporting and Importing Cargo (except importing forest products) through certain Mississippi ports.
Airport Cargo Charges Tax Credit
An income tax credit is available equal to the charges a business pays for utilizing the airport for the import or export of cargo.
Broadband Technology Tax Credit
An income tax credit is available for telecommunication businesses based on a percentage of the cost of equipment used in the deployment of broadband technology.
Manufacturing Investment Tax Credit
An income tax credit is available equal to 5% of the eligible investment made by manufacturers that have been in business in Mississippi for more than two years. An eligible investment means an investment greater than $1,000,000 in buildings and/or equipment used in the manufacturing operation.
Health Care Incentives
Mississippi Health Care Industry Zone Incentive Program
The Mississippi Health Care Industry Zone Incentive aims to increase the number of health care jobs in the state and expand access to high-quality medical care for Mississippi residents by encouraging healthcare-related businesses to locate or expand in Health Care Zones in the state. The program provides eligible businesses with an accelerated, 10-year state income tax depreciation deduction; and a sales tax exemption for equipment and materials purchased from the date of the project’s certification until three months after the facility is completed. In addition, the program allows counties and cities, at their discretion, to grant a property tax “fee in lieu” for 10 years for any certified project with an investment of more than $10 million or a 10-year ad valorem tax exemption.
Franchise Tax Incentives
Broadband Technology Tax Credit
A Franchise tax credit is available for telecommunication businesses based on a percentage of the cost of equipment used in the deployment of broadband technology.
Sales & Use Tax Incentives
Sales & Use Tax Exemption for Construction & Expansion
A sales and use tax exemption is available for the construction of a new facility or the expansion of an existing facility for manufacturers or processors within this state and for data/information enterprises and technology-intensive enterprises that construct a new facility or expand an existing facility in this state. The exemption applies to 50% of the cost of component materials used in the construction, addition, or improvement to a building and the machinery and equipment to be used therein.
Sales & Use Tax Exemption for Transfer of National or Regional Headquarters
A sales and/or use tax exemption is available for an eligible business that creates or transfers its national or regional headquarters for the component materials used in the construction, addition, or improvement of a building and machinery and equipment for use in the facility. A minimum number of 35 new headquarter jobs must be assigned to receive the exemption.
Sales & Use Tax Exemption for Bond Financing
A sales and/or use tax exemption is available for an eligible business that has obtained bond financing through the MBFC.
Sales & Use Tax Exemptions for Broadband Technology
A sales and/or use tax exemption is available for telecommunication businesses on the purchase of equipment used in the deployment of broadband technology.
Sales & Use Tax Exemption for Motion Picture Production
There is a sales and use tax exemption available for a motion picture production company on purchases used in the production of a nationally distributed feature-length film, video, television series, or commercials made in Mississippi. This does not include news or athletic events.
Rebate Incentive Programs
Advantage Jobs Incentive Program
An incentive in the form of a rebate of a percentage of state withholding tax for a period of ten (10) years is available to businesses which, within 24 months, create a minimum number of jobs with salaries at least 100% to 150%, depending on the industry, of the state or county annual wage and provide a basic health benefits plan. This incentive is available to all businesses except retail establishments, gaming businesses, or casinos.
Sales & Use Tax Rebate for Tourism
There is available a sales tax rebate of taxes collected by a tourism project that may be diverted back to the owner of the tourism project to cover eligible project costs. The tourism project must be certified by the Mississippi Development Authority (MDA) to be eligible for this rebate.
Motion Picture Production Tax Rebate/Incentive
A rebate is available for a motion picture production in the amount of 20 percent of the actual investment made and expended in this state. The rebate is also available for the payroll paid to employees of the production.