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Economic Development Tax Incentives
In connection with the Firm’s extensive representation of clients which are involved in Industrial Project Development or Energy Project Development, the Firm has assisted a wide variety of clients in securing and maximizing the benefit of available tax incentives. Clients have included all types and sizes of new and expanding industrial and energy concerns, from an automotive manufacturer investing over $1 billion in a new facility, to a shipyard investing hundreds of millions in expansions to small expansions of existing industries. The firm has helped draft special incentive legislation for certain large projects and has assisted other clients in structuring complex transactions and in negotiating and implementing available incentives. Incentives include special post-Katrina GO Zone benefits, property, sales, use and franchise tax incentives, tax exempt and taxable bond financing, and tax increment financing. In the course of the Firm’s work, our members have assisted clients in negotiating and implementing incentives with Mississippi Development Authority, Mississippi Business Finance Corporation, Mississippi State Tax Commission, counties and cities. We have also represented the MDA its negotiation and implementation of incentives for a large steel mill project.
The firm’s representation in tax-exempt financing has included bonds issued by the State of Mississippi and various instrumentalities of the State, municipalities, counties, junior and senior colleges, and public school districts. The firm also has extensive experience in state and local industrial and economic development financing with state and federal tax incentives. In the last two years the firm has served as bond counsel on industrial development revenue bond financings totaling more than $300,000,000 through the Mississippi Business Finance Corporation. These financings have been accompanied by state and local economic development tax incentives. Members of the firm have also negotiated tax incentives with numerous cities and counties and implemented dozens of fee-in-lieu property incentive agreements, which are available only for projects in excess of $100 million
Representative Matters
- Representation of State of Mississippi in connection with third-party development and financing of steel mill.
- Advised clients on financing development projects through Mississippi Business Finance Corporation bond issues.
- Served as Underwriter's Counsel for Morgan Keegan & Company, Inc. in the Mississippi Business Finance Corporation Taxable Variable Rate Demand Revenue Bonds, Series 2006 (Deuce McAllister Motors, LLC Project).
- Served as Bond Counsel for Cellular South, Inc. in the Mississippi Business Finance Corporation Taxable Industrial Development Revenue Bonds, Series 2006 (Cellular South, Inc. Project).