Economic Development & Incentives
There are currently a number of agencies and chambers of commerce with economic development directives and targeted industries in DeSoto County. These efforts to bring industry into DeSoto County have been in a large regional area in the past, but the I-69/269 Corridor will bring opportunity for clusters of business and industry.
DeSoto County has participated in developing partnerships that help raise the prominence of the region and attract prospective projects. These types of partnerships include a four-county northern Mississippi alliance and a large multistate council made up of counties in Mississippi, Arkansas, and Tennessee that surround Memphis.
Industrial Development Sites
Some of the largest industrial development sites in the county are nearing capacity. The I-69/269 Corridor will provide the opportunity to develop sites with the access and visibility that have made other sites in DeSoto County very successful at attracting new companies. DeSoto County has access to development funds from national agencies such as the Delta Regional Authority and state agencies such as Mississippi Development Authority.
- The area of the corridor contains a population of 26,998 and is the fastest growing area in the county.
- The median age and average household income within the area are both higher than the county as a whole.
- Retail sales in Desoto County have also grown in response to population growth. Annual Retail Sales for the county have gone from $541,848,781 in 1995 to $2,157,549,219 in 2015.
- Desoto County has reached benchmarks that large national and regional retailers, franchisers, and restaurants use in selecting locations. Over 125,000 in population, average daily traffic count of at least 30,000, and a Household Income level of at least $75,000. Desoto County meets these crucial standards.
Business Incentive Programs
- A right-to-work law in the state constitution
- Northern Mississippi Foreign Trade Zone
- No sales tax on purchases of raw materials, processing chemicals, or packaging materials.
- 50% sales tax exemptions for purchases of construction materials, machinery, and equipment in Desoto County
- State-sponsored bond financing programs for land, building, and new equipment that includes income tax credits and sales and use exemptions.
- State income tax credits for five years of 2.5% of payroll with the creation of 20 or more jobs
- 10 year exemptions from county and city property taxes except school, road, and bridge tax
- Quarterly rebate payments through a diversion of withholding taxes for qualified businesses
- Companies establishing or transferring regional or national headquarters to Mississippi may be eligible for 5 year state income tax credits of $1,000 for each new job created and full sales tax exemptions for direct purchases of construction materials, machinery, and equipment for the headquarters facility.