The Mississippi Health Care Industry Zone Incentive aims to increase the number of health care jobs in the state and expand access to high-quality medical care for Mississippi residents by encouraging health care-related businesses to locate or expand in Health Care Zones in the state.
The Health Care Industry Zone Incentive provides certified businesses with the following incentives:
– An accelerated, 10-year state income tax depreciation deduction; and
– A sales tax exemption for equipment and materials purchased from the date of the project’s certification until three months after the facility is completed.
In addition, the program allows counties and cities, at their discretion, to grant a 10-year ad valorem tax exemption for certified businesses. Counties and cities may also grant a fee in lieu of property tax for any certified project with an investment of more than $10 million. This fee in lieu of property tax is negotiated between an eligible business and local authorities and may be available for up to 30 years, though no particular parcel of land, real property improvement, or item of personal property can be subject to a fee in lieu for more than 10 years, and the negotiated fee cannot be less than one third of the property tax levy. Certified companies can also qualify for other Mississippi incentive programs.
ELIGIBILITY
The incentive program is designed to benefit businesses engaged in the following:
Medical Supply
Biologics
Laboratory Testing
Medical Projuct Distribution
Diagnostic Imaging
Biotechnology
Pharmaceutical Research & Development
Medical equipment or medicine production and related manufacturing or processing.
To qualify for this incentive, health care-related businesses must commit to create at least 25 full-time jobs and/or invest $10 million and must locate in a Health Care Zone within the state.