Tax Incentives
(provided by the Mississippi Development Authority)
All businesses in Mississippi are subject to state taxes. These taxes fall into four basic tax types:
Corporate Income Tax
In Mississippi, corporate income is subject to a state income tax. Unless a company is taxable in another state, this tax is based on the company’s net taxable income.
A number of corporate income tax credits are available in Mississippi. Some of the more commonly used credits are:
- Jobs Tax Credit
- Rural Economic Development (RED) Tax Credit
- Existing Manufacturer Tax Credit
- Research and Development Jobs Credit
- National or Regional Headquarters Jobs Credit
- Skills Training Tax Credit
- Child/Dependent Care Tax Credit
- Other Income Tax Credits
Corporate Franchise Tax
Most corporations engaged in business in Mississippi are subject to franchise tax. It is a tax that is assessed on the company’s capital value.
One corporate Franchise Tax Incentives is available.
Sales & Use Tax
All tangible personal property sold within the state is considered taxable unless specifically exempted or assigned a reduced rate by state law. Companies doing business in Mississippi that bring tangible personal property into Mississippi are required to pay use tax on that property.
Four of the Sales and Use Tax Incentives available are:
- Sales and Use Tax Exemption for Construction or Expansion
- Sales and Use Exemption for Bond Financing
- National or Regional Headquarters Incentive
- Other Sales and Use Tax Incentives
Property Tax
Counties and municipalities levy a property tax on real and tangible personal property in Mississippi. Generally, property is assessed at 15% of true value. This assessed value is then multiplied by the millage rate to determine the annual tax liability. Each city and/or county sets its tax rate, or millage. Mississippi does not have a state property tax.
Eight Property Tax Incentives Available
- 10-Year Property Tax Exemptions (forms below; complete 2 copies per appropriate form and return to Bill Hessell at HCDC)
Personal Property tax exemption for Harrison County
Real Property tax exemption for Harrison County - Property Tax Fee-in-Lieu
- Industrial Revenue Bond Exemptions
- Free Port Warehouse Exemption
- In-State Inventory Exemption
- Broadband Technology Ad Valorem Exemption
- Advantage Jobs Incentive Program
- Gulf Opportunity Zone Act of 2005 (GO Zone)
For assistance with these and any other incentives, contact the Harrison County Development Commission.
