Economic Incentives & Tax Credits
High impact incentives for small businesses in Mississippi
In Mississippi, you’ll find a business community ripe with opportunity, a cooperative and responsive state government, access to key markets and one of the top 10 states with the lowest cost of doing business. Our highways, commercial airports, railways and ports also give businesses access to major markets, both domestic and international. The Magnolia State offers untapped potential and a collaborative ecosystem that has led to innovations in every sector, such as advanced manufacturing, healthcare and IT. Mississippi has one of the lowest corporate tax rates in the U.S. at 5%, and offers a variety of statutory and discretionary incentives, as well as loans and grants for minority and small businesses.
Top tax incentive programs for small and medium-sized businesses in Mississippi
Jobs Tax Credit
An income tax credit equal to a percentage of payroll for each newly created job of an eligible business is available for a five (5) year period. A minimum number of jobs must be created to receive the credit.
Sales / Use Tax Exemption for Construction or 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, custom processors, data/information enterprises and technology intensive enterprises.
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.
Manufacturing Investment Tax Credit
An income tax credit is available equal to five percent (5%) of the eligible investment made by manufacturers that have been in business in Mississippi for more than two (2) years.
Income Tax Exemption for Clean Energy Business Enterprises
An income tax exemption is available for a ten year period to certain clean energy business enterprises that locate or expand in this state with a minimum capital investment of fifty million dollars and the creation of 250 new, full-time jobs.
Industrial Exemption
Up to a ten (10) year exemption from ad valorem taxes on tangible property may be granted by local governing authorities.
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Subcity empowers small businesses, CPAs, and finance professionals to identify and apply for economic incentives and tax credits. Each year, over $100 billion is allocated for incentives across local, state, and federal programs in the U.S. Unfortunately, a significant portion of this money goes unclaimed or to large corporations with teams of tax attorneys and legal experts.
Subcity utilizes a comprehensive database of incentives to connect small businesses with the programs that were designed to help them create jobs, invest in their communities, and grow their business. Subcity charges a 10-20% fee for the programs they successfully secure, ensuring zero risk for clients as payment is contingent on results. Subcity is on a mission to democratize access to capital for America’s small businesses and has already delivered tens of millions of dollars in tax incentives for clients across the country.