INCENTIVES AND TAXES
Economic development incentives, programs, and tax rates for Prentiss County, Mississippi
SALES AND USE TAX EXEMPTION
A 50% reduction of the sales and use tax on manufacturing machinery equipment (0.5%) and construction materials (as high as 7%) is available in Mississippi. Application for the exemption should be made through the State Tax Commission.
ELECTRICAL USE CREDIT AND SAVINGS
The Tennessee Valley Authority offers a Growth Credit Incentive on new and expanded electrical power loads of over 100 kw. The incentive is applicable for years 1 through 8. Application for the incentive can be made with the Prentiss County Electric Power Association, which is the local TVA power distributor. PCEPA has consistently offered lower retail electric rates than any other cooperative that purchases power from TVA.
THE MISSISSIPPI RURAL ECONOMIC DEVELOPMENT ASSISTANCE PROGRAM
The (RED) Program allows credit on Mississippi corporate income taxes up to a total amount not to exceed the annual debt service on Industrial Revenue Bond Issues. This program is administered by the Mississippi Business Finance Corporation.
JOBS TAX CREDIT
A $1,000-per-year state tax credit for each job created is available in Prentiss County. At least 15 new jobs must be created to qualify. The amount of the credit is based on Prentiss County being ranked as Tier 2 on the most recent Mississippi State Tax Commission designation of "developed areas." This credit is allowed for 5 years beginning with years 2 through 6 after the creation of the new jobs.
AD VALOREM TAX EXEMPTION
The Prentiss County Board of Supervisors exempts real and personal property taxes for new and expanding industries on an individual basis as requested and upon need verification. Priority is given to businesses that are bringing new or expanded job opportunities to the county. Exemptions include but are not limited to buildings, land, equipment, fixtures, raw goods, goods in process, and finished goods. Exemptions are granted for a term of up to 10 years. These tax relief provisions exclude exemption from school taxes and road-and-bridge taxes.
INDUSTRIAL REVENUE BOND FINANCING
Industrial Revenue Bond Financing allows for a full exemption of the 1.5% state sales and use tax on manufacturing equipment and for a full sales tax exemption on purchases of other equipment and component building materials used in the construction of a building. The use of these bonds for financing a project also qualifies the project for participation in the Mississippi Rural Economic Development Assistance Program.
WORKFORCE TRAINING AND REFERRAL
Prentiss County is home to Northeast Mississippi Community College and participates in the Workforce Investment Network (WIN) Program to provide job placement and training assistance. Specific training programs can be designed to fit individual company needs, and the OJT component can be used to reimburse an employer up to 50% of a new employee's beginning wages during a specified training period.
