POPULATION: 2,951,996
LABOR FORCE: 1,350,038
RIGHT TO WORK: Yes
TRADITIONAL INDUSTRIES: Agriculture, chemicals, food processing,
forest products, furniture,
lumber and wood, shipbuilding
EXPANDING INDUSTRIES: Automotive, aerospace, communications
& information technology,
distribution centers, healthcare,
plastics and polymers
COLLEGE GRADUATES: (Age 25 and over) 19%
BASIC BUSINESS TAXES:
Corporate Finance Tax: 3 percent
on first $5,000; 5 percent for
income over $10,000 (exemptions)
Corporate Franchise Tax: $2.50
for each $1,000 of capital invested
in the state
General Retail Sales Tax:
7 percent
Property Tax: No state tax; local
rates vary on real and tangible
personal property with assessment
ratio for most property at
15 percent of true value
BASIC BUSINESS INCENTIVES:
• Aerospace incentives
• Advantage Jobs Program
• Broadband technology
tax credits
• Clean energy incentives
• Free Port Warehouse Property
Tax Exemption
• Growth and Prosperity Program
• Headquarters tax credits
• In-State Inventory Property Tax
Exemption
• Industrial Property Tax
Exemption
• Jobs Tax Credits
• Manufacturing Investment Tax
Credits
• Motion Picture Production
Rebate Program
• MS Equity Investment Tax
Credits
• Property tax exemption for
bond financing
• Property tax exemption for
broadband technology
• Property Tax Fee in Lieu
• Research and Development Skills Tax Credits
• Rural Economic Development
• Sales and use tax exemption
for bond financing
• Sales and use tax exemption
for construction or expansion
• Sales tax exemption for broadband
technology
• Sales tax exemption for headquarters
• Sales tax exemption for motion
picture production
• Skills Training Tax Credits
• Tax Summary
• Tourism Rebate Program
• CDBG Program for Economic
Development
• CDBG Loan for Economic
Development
• CDBG for Emergency Projects
• CDBG for Public Facilities
Projects
• CDBG for Self Help Projects
• Development Infrastructure
Grant Program (DIP)
• Economic Development
Highway Grant Program (EDH)
• Emergency Shelter Grants
Program (ESG)
