By Steve Wilson /February 11, 2016 /News / 1 Comment
OPEN FOR BUSINESS: The Mississippi Development Authority offers tax incentives to lure new businesses and persuade existing businesses to expand. It took all of five hours for the Mississippi Legislature last week to receive, consider and approve a measure providing $274 million in taxpayer-funded debt and related tax breaks to help build a tire plant in western Hinds County and a shipyard in Gulfport. For those keeping score at home, that’s $54.8 million per hour. It will take 25 years for taxpayers to pay off the debt on the incentive package.
After only an hour and 15 minutes of debate by the Legislature, Gov. Phil Bryant signed the package into law on Monday. State taxpayers will lend $263 million to Continental Tire to build a $1.4 billion factory employing 2,500 people, and $11 million to Topship, a division of Edison Chouest Offshore, to convert a former Hunter Ingalls facility on Gulfport’s Industrial Seaway into a shipyard employing 1,000. Continental will also receive exemptions on the state’s corporate franchise tax, sales tax and property tax and will build a training facility on the 1,000-acre site with state funds. Also, the Mississippi Public Service Commission authorized the utility Entergy to provide special rates for Continental.
Here’s what happened in the special session called by the governor:......
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