Panola County is a Tier III county, therefore, an industry will qualify for a full 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 Panola County (a Tier III County) is 10% of payroll of the company per year for five years. This incentive requires the hiring of no less than 10 new jobs. Learn more about the Jobs Tax Credit.
County and City property taxes
Panola County and cities within Panola 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 Panola County is in a New Market Tax Credit Zone.
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
Tennessee Valley Authority
TVA offers funds, incentives, and services to businesses. Learn more at http://nmida.com/programs-resources/tva-programs/
USDA Rural Development Foundation
Small Business & Entrepreneur Initiative
Small business owners and entrepreneurs in Panola County can receive free technical assistance from the USDA Rural Development Foundation including:
- Assistance with Business Plan Writing
- Financial Assistance
- Licensing and Permit Information
- Growth and Expansion Strategies
- Marketing Plan Development
- Organizational Guidance
- Entrepreneur Training and Development
- Social Media & Website Development
- Government Procurement Assistance
View the flyer to learn more.