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Mississippi Direct Financial Incentives 2011

Mississippi's economic development, finance, and tax organizations provide a range of incentive programs to initiate new business and commercial investment. Specific programs include Momentum Mississippi, Data Center Incentives, and an Energy Investment Program.

March 2011
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The Community Development Block Grant Program (CDBG) helps communities realize their potential by providing funds necessary to ensure decent housing, basic community services, environmental quality, and economic opportunities for their residents. The program makes funds available to incorporated municipalities and county governments that show a genuine need for specific community and economic development projects and can meet the program's state and federal eligibility requirements.

The Economic Development Highway Act assists political subdivisions with highway projects that encourage private companies to engage in high economic benefit projects within their area. This program promotes industrial and other significant development in the state of Mississippi through the construction and/or improvement of highways in areas that demonstrate actual and immediate potential for the creation or expansion of major industries or other significant development.

The Mississippi Energy Investment Program is designed for making loans to qualified borrowers to promote development and demonstration of efficient, environmentally acceptable, and commercially feasible technologies, techniques, and processes while effectively utilizing the state's existing alternative and conventional energy resources to foster economic and social growth.

The Mississippi Business Enterprise Loan Program combines state and private lending sources to assist new and existing minority businesses in gaining access to needed capital in the form of direct low-interest loans.

The Mississippi Minority Surety Bond Guaranty Program strives to increase minority participation in construction and building trades contracts with federal, state, and local units of government and their subsidiaries.

The Mississippi Business Investment Act Program is designed for making grants and/or loans to counties or incorporated cities or towns, acting individually or jointly, in order to finance authorized improvements for projects necessary to compliment investments by private companies, which will increase domestic and international commerce and create and maintain new full-time jobs in the state of Mississippi.

The Mississippi Capital Access Program is designed to increase the availability of financing for borrowers who for various reasons might have difficulty in obtaining conventional loans. The essential element of the program is a reserve account established at a financial institution as a credit enhancement to induce the financial institution to make a loan.

The Mississippi Industrial Access Road Program is designed to encourage and promote industrial growth by providing access roads to industrial developments. Under this program, local entities receive assistance in the construction of links of highways or roads necessary to connect new and existing industrial sites to adequate road facilities.

The Mississippi Port Revitalization Revolving Loan Program is designed for making loans to state, county, or municipal port authorities for the improvement of port facilities to promote commerce and economic growth in the state of Mississippi.

The Growth and Prosperity Act (GAP) gives MDA the authority to approve eligible businesses for the following tax exemptions: any approved business facility that locates in a GAP designated area is exempt from state income and franchise taxes as well as certain local/property taxes for 10 years.

The Mississippi Rural Impact Fund Program is designed to assist and promote businesses and economic development in rural areas by providing grants and loans to rural communities (local entities) and loan guarantees to rural businesses.

The Mississippi Small Municipalities and Limited Population Counties Grant Program is designed for making grants to small municipalities and limited population counties or natural gas districts to finance projects to promote economic growth in the state.

Mississippi State Contact:
Whit Hughes
Deputy Director
Mississippi Development Authority
P.O. Box 849
Jackson, MS 39205-0849
(601) 359-3449

Incentive and tax information is provided to Area Development by each state's economic development or commerce agency for information purposes only and is subject to revision at any time by the state government. Please contact the state agency directly for full requirements and offerings.