Local Incentives
Rankin County is ready to partner with you.
Our leadership is pro-business and wants to find innovative ways to make your project a success. We have existing policies that provide property tax abatements on both real and personal property. Our supportive local government, favorable tax policies and streamlined permitting processes facilitate a smooth setup and operation of businesses.
Additionally, for targeted industries and other compelling projects with significant investment and above average wages, Rankin County may provide additional funding to help offset location costs. More information on each program can be found in the links below:
Incentives
Free Port Tax Exemption
Mississippi law allows eligible warehouses, public or private, a license to operate as a free port warehouse and be exempted from all ad valorem taxes on personal property shipped out of state.
Homestead Exemption
Property owners in Rankin County eligible for homestead exemption receive a tax credit on residential property taxes.
Standard Property Tax Exemption
An exemption from property taxes is available to eligible industries that locate or expand in the state. This 10-year exemption from property taxes may be granted by local governing authorities on real and tangible personal property being used in the state.
Rankin Edge Partnership Grant
- Any funds invested prior to the company making job or investment commitments must be invested into the property or infrastructure. The county will maintain ownership or have a lien on the property until all commitments are met.
- All property tax fee-in-lieu agreements with a portion of the payment invested in the company must have a “floor” in the agreement to ensure that all debt service payments can be made.
- All projects receiving funds based on job creation or investment must agree to provide a certification by a third party approved by Rankin First that all job and investment commitments have been met or exceeded.
Infrastructure Advantage
Rankin County’s utilities serve as critical industry partners by providing essential services, maintaining reliable infrastructure and supporting sustainable growth. Their efforts contribute to creating a favorable environment for businesses to thrive and succeed.
The Entergy Advantage
Entergy Mississippi provides reliable electric power at very competitive rates and extensive support for existing and locating new businesses. Additionally, Entergy’s economic development rider can provide a 1-cent-per-kWh discount on electricity use for up to five years. The rider is applicable for eligible companies considering processing, manufacturing or distribution operations that meet the minimum requirement of the program.
State Incentives
Mississippi’s Flexible Tax Incentive Plan (MFLEX)
MFLEX is a streamlined universal tax credit that may be used to offset a company’s state tax liabilities including state income, sales and use, franchise and payroll withholding. Companies chose how to apply the credit, maximizing utilization for their particular tax scenario.
No Sales Tax on Raw Materials or Electricity
While Mississippi boasts energy costs approximately 15% below the national average, according to EIA (2020), businesses classified by the Department of Revenue as agricultural or manufacturing may apply for a full exemption on sales tax on electricity and raw materials used in the manufacturing process.
Manufacturing Investment Tax Credit (Existing Industries)
Existing manufacturers that have operated in the state for two or more years may be eligible for investment tax credits which could be applied to the company’s state income tax liability. Existing companies must invest $1 million or more in buildings and/or equipment to qualify.
Low Union Rates
Mississippi is a right-to-work state with the third-lowest union membership rate in the nation. This combined with Rankin County’s low manufacturing union rate (4.4%), compared to the state (7.2%) and nation (7.7%), makes the region an aggressive manufacturing competitor.
Low Turnover Rates
Rankin County’s low turnover rate in manufacturing (5.7%), compared to the state’s turnover rate of 6.5%, offers a location where companies experience the bottom-line advantages of reduced hiring and training costs.