Tax
Economic Development Tax Incentives
Our attorneys focus on all types of tax and financing incentives offered by state and local government to encourage economic development. We have a network of close working relationships with and access to state and local governmental officials, administrative staffs, and economic development professionals. We also are familiar with local practices and requirements with respect to local incentives. This is a great time to start a business in Mississippi and Tennessee, and our interdisciplinary team has the experience and insight to guide you to the best solution for your incentives needs. Members of our Economic Development Group have represented numerous manufacturing, processing, distribution, warehousing and other clients in site acquisition, state and local financing programs, other financing transactions and tax incentives. Whether the deal is large or small, we structure transactions to take advantage of numerous economic development incentives, including: - New or expanding businesses
- Industrial development bonds (IDBs) both taxable and tax-exempt
- Sales, use and contractors' tax exemptions on construction costs
- Local ad valorem tax exemptions
- State income tax credits
We are well-versed in federal and state bond statutes and various economic development incentive tax and financing program statutes. When needed, we also prepare legislation authorizing additional incentives. Practice highlights- Our attorneys are listed in the Public Finance Law section of The Best Lawyers in America® and in Mid-South Super Lawyers® for Bonds/Government Finance and Tax.
- One of our Group's attorneys was named a "Dealmaker of the Year" (2006) by American Lawyer magazine.
- The attorneys in the Public Law and Finance area of the firm also have significant experience structuring complex financing transactions in connection with a broad range of financing programs implemented through the Mississippi Business Finance Corporation, local economic development authorities and cities and counties in Mississippi.
- The firm has close working relationships with local economic development professionals and local governmental officials (Boards of Aldermen, Boards of Supervisors, City Councils), as well as officials of the Mississippi Development Authority, the Mississippi Business Finance Corporation, the Mississippi State Tax Commission, Mississippi Bond Commission and Mississippi Attorney General’s office.
- We are often referred to prospective clients by the state and local economic development professionals with whom we work regularly and routinely.
- Butler Snow has unmatched experience in the development and implementation of GO Zone incentives. The firm was instrumental in the drafting of the federal legislation that created the Gulf Opportunity Zone Act (GO Zone) to help Katrina-stricken areas of our state recover. Butler Snow then created an extensive outreach program (see our website at www.gozonelaw.com), providing advice to hundreds of Mississippi business people on how best to take advantage of this unprecedented federal program.
Representative experience- Our experience includes serving as Bond Counsel to the State of Mississippi and Loan Counsel to the Mississippi Business Finance Corporation in connection with the Small Enterprise Development Loan Program, serving as Bond Counsel in connection with taxable and tax-exempt industrial development revenue bond issues, and serving as Special Counsel in connection with tax-exempt lease/purchase financings through the Mississippi Business Finance Corporation Equipment Lease Program.
- We have helped secure state bond financing and state and local tax incentives for a wide range of businesses, including:
- A $600 million-plus terminal/processing facility
- A $500 million-plus pulp mill
- A $685 million pipeline project
- A $75 million aircraft engine testing facility (including special legislation)
For additional information on Economic Development Tax Incentives, please contact W. Eugene Magee or John F. England.
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