Local Incentives
Sales tax
Tate County is a Tier 1 county, therefore, an industry will qualify for a 50% sales and use tax exemption on purchases of component building materials used in the construction or expansion of a building and for the purchase of any new machinery and equipment. Learn more about the Sales and Use Tax Exemption for Construction or Expansion.
State income tax
The formula for calculating the state income tax exemption for job tax credits in Tate County (a Tier I County) is 2.5% of payroll of the company per year for five years. This incentive requires the hiring of no less than 20 new jobs. Learn more about the Jobs Tax Credit.
County and City property taxes
Tate County and cities within Tate County will grant a 10 year tax exemption on all real and personal property except for school taxes that apply. (NOTE: The State of Mississippi does not have state property taxes.)
Also, the county will grant a Freeport Warehouse Tax Exemption on all finished goods that are shipped out of state that qualify. This is a perpetual exemption.
All industrial property in Tate County is in a New Market Tax Credit Zone.
Opportunity Zone:
Most of the city limits of Senatobia including all of the Senatobia Industrial Park is located in a Federal Opportunity Zone. An Opportunity Zone is a federally designated area where new investments, under certain conditions, may be eligible for preferential tax treatment. Localities qualify as Opportunity Zones if they have been nominated for that designation by the state and that nomination has been certified by the Secretary of the U.S. Treasury via his delegation of authority to the Internal Revenue Service. More Information one Opportunity Zone benefits is available from the IRS at this site.
Other local incentives are available and are based on job creation and the amount of investment by the company. We will be glad to discuss the details of these incentives with each individual company.
Mississippi Tax Credits, Tax Exemptions, and Incentives
Mississippi offers highly competitive incentives and programs to view all tax credits, visit Mississippi Development Authority’s Financial Resources Division.
Loans and Financing
Learn more about Mississippi Development Authority Grants and Loans Programs here.
Other sources of Financing include
Loans and Financing
Learn more about Mississippi Development Authority Grants and Loans Programs here.
Other sources of Financing include
- Delta Regional Authority (DRA)
- USDA Rural Development Administration (RDA)
- North Delta Planning and Development District (NDPDD)
- Mississippi Business Finance Corporation(MBFC) Tax Exempt Bonds
Financing Programs
Programs are administered by the Mississippi Business Finance Corporation (MBFC), which is the financing arm of the Mississippi Department of Economic and Community Development. MBFC is a non profit public corporation which blends public and private capital at competitive rates.
| Program Name | Maximum Loan Amount | Loan Term | Benefits | More Information |
| Industrial Development Revenue Bond Program | $10 million | 10-20 years, public or private placement | Tax exemption on eligible items purchased with bond proceeds. Ad valorem tax exemption (except school tax) available. Generally lowers effective cost than private financing. | For manufactures or processors who wish to finance land, buildings, fixtures, equipment and machinery. |
| MS Small Enterprise Development Finance Program (SED) | $200,000 to $2 million | 20 years maximum | Generally lowers effective cost than private financing. | For manufactures in processors who will increase employment and investment in small communities. Must create a minimum 10 jobs. For land, buildings, and equipment. |
| SBA 504 Loan Program | Up to 90% of capital required for new or expanding industry or business (excludes working capital). | 20 years fixed rate maximum (on SBA portion) | Long-term, fixed-rate financing for small businesses to acquire major fixed assets for expansion or modernization | Used for land, buildings, machinery, equipment and renovations. |
| Mississippi Loan Guaranty Program | $500,000. Maximum guarantee is 75%, not to exceed $375,000. | 20 years maximum | Lending institutions are more likely to provide financing | Designed for start-up or expansion of a small business, including fixed assets, working capital, and start-up. Must be turned down by two lenders prior to application. Collateral required to secure loan. |
| MS Small Enterprise Development Finance Program | $2 million fixed assets only (land, building, and equipment) | 20 years maximum | Must create a minimum of 10 jobs. Loans made to manufactures or processors who will increase employment and invest in small communities. Letter of credit required. |
