Humphreys County has emerged as a
growth area for industries seeking the following:
- Reasonably priced land
- Economical and reliable energy
resources
- Attractive financial and tax
incentives
- An effective transportation
infrastructure
- An experienced yet affordable labor
force
- A positive business climate
- Access to the research, programs and
training opportunities at the community colleges and universities
- High quality of life
- Modest cost of living.
We offer Federal Empowerment Zone tax credits, State job tax credits,
local tax waivers, Freeport warehouse, right to work state, local incentives
and an excellent quality of life for your employees. Our web site
is loaded with reasons to call Belzoni,
Mississippi, your industrial or family home.
If your interest is in the Nissan North America location in Canton,
Mississippi, Mississippi, we
have special benefits for Nissan suppliers.
- Four routes from Belzoni to
the Nissan site, to avoid costly delays in delivery.
- Buildings for immediate
occupancy to expedite your location.
- Abundant labor with training designed
to fit your special needs is provided by Mississippi Delta Community College
career workforce development program in the new state of the art, training
facility.
- The GAP county designation, which offers State and local tax credits
and incentives.
- We have everything that
“Advantage Mississippi” has to offer.
Tax Incentives
(See other incentives)
The Growth and
Prosperity Program (GAP) is an incentive program designed to encourage
development in economically challenged areas of the state. This program
designates
Humphreys
County
as a GAP county and provides income, franchise, sales, and property
tax incentives to companies that locate or expand in
Humphreys
County
.
To receive a GAP designation, the county must have an unemployment rate
that is 200% of the state’s annual unemployment rate, or must have 30%
or more of it’s population below the federal poverty rate.
Program Facts
The following businesses that create 10 or more jobs are eligible to
participate under the GAP Program:
-
Manufacturing,
processing, assembling, storing, warehousing, servicing, distributing
or selling of any products or goods, including products of
agriculture;
-
Enterprises for
research and development, including, but not limited to, scientific
laboratories; or
-
Other businesses or
industries that will further the public purposes of the GAP Act as
determined on a case-by-case basis by MDA, and that create a minimum
of ten (10) jobs.
Retail or gaming
businesses or electrical generation facilities are not considered eligible
business enterprises
Eligible entities that locate or expand in a GAP area receive a series of
tax incentives for a period of up to ten years. Taxes that are included in
this full exemption are:
Sales and use taxes on
all equipment and machinery purchased during the initial construction or
expansion at an approved facility. This exemption is valid from the date
that the project begins until three months after start-up. This exemption,
or the contractors tax.
This exemption applies
to the general 7% sales tax on component building materials, equipment,
and other assets purchased for the project as well as the 1.5% sales tax
on manufacturing machinery. The exemption is available from the beginning
of the project until three months after the start-up of the new or
expanded facility.
For commercial
construction in Mississippi, there is a contractor’s tax assessed on the construction of commercial
real property that is calculated as 3.5% of the contractor’s gross
receipts from the construction. Contractor’s tax has no
exemptions, and the contractor is allowed to purchase all component
building materials exempt from sales tax.
Under this exemption,
component building materials can be purchased directly by the GAP
business. If these materials are not part of the construction contract,
they are not subject to contractor’s tax, and sales tax is not due on
materials purchased by the GAP company. To qualify for the exemption, the
materials must be purchased by, billed to, and paid for directly by the
eligible entity. Contractor’s tax will still apply to the labor portion
of the construction contract.
All state income and franchise taxes related to the new location or
expansion. In instances where an expansion is approved for companies
already subject to
Mississippi
income and franchise tax, an apportionment formula will be used to
determine the percentage of
Mississippi
income and/or capital that is exempt through GAP. This formula utilizes a
property factor and a double weighted payroll factor based on GAP property
and payroll divided by the total company property and payroll. Specific
calculation guidelines can be obtained from the Mississippi State Tax
Commission.
Property taxes levied on land, building, equipment and certain inventory
at an approved facility in an approved GAP designated area. This exemption
does not include school taxes and that portion of the property tax
utilized to pay for fire and police protection. If the company is eligible
for a Free Port Warehouse exemption, it must be applied for separately.
Tax Abatement for New Construction
- For a three-year (3) abatement, the
minimum project investment must be ten thousand five hundred dollars
to nineteen thousand nine hundred ninety-nine dollars
($10,500-$19,999).
- For a four-year (4) abatement, the
minimum project investment must be twenty thousand dollars to
forty-four thousand nine hundred ninety-nine dollars
($20,000-$44,999).
- For a five-year (5) abatement, the
minimum project investment must be forty-five thousand dollars to
sixty-four thousand nine hundred ninety-nine dollars
($45,000-$64,999).
- For a six-year (6) abatement, the
minimum project investment must be sixty-five thousand dollars to
eighty-nine thousand nine hundred ninety-nine dollars
($65,000-$89,999).
- For a seven-year (7) abatement, the
minimum project investment must be ninety thousand dollars
($90,000).
The Humphreys County County Board of
Supervisors has agreed to the same tax abatement on an individual basis.
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