The Mississippi Senate wants to improve tax breaks for large industrial projects. Large scale manufacturing operations are obviously attracted to states with flexible tax incentives.
SB 2939 proposes a lower threshold for such projects to qualify for the privilege of paying a fee, in lieu of a set tax. The current threshold for this fee option is 100 million dollars.
Yesterday in passing SB 2939, the Senate approves lowering that threshold for industrial projects to 60 million dollars. Under this proposal (per the Mississippi Development Authority) an industrial project could pay about a third of it’s normally accessed tax rate for up to ten years. The option was generally utilized by extremely pricey industrial projects of several hundred million dollars. But with yesterday’s passage, a 60 million dollar project would qualify.
