PRESS RELEASE

May 21, 2007

MEETING ANNOUNCED TO EXPLAIN HOW
YOUR BUSINESS CAN RECEIVE FEDERAL TAX CREDITS

Businesses and industries located in parts of Mississippi could receive thousands of dollars in tax credits under a Federal program available in Mississippi.  Five years ago, the state received one of only 12 Rural Renewal Community (RC) designations given nationally by the U.S. Department of Housing and Urban Development.  The program allows businesses and industries in the designated area to receive valuable tax credits and incentives that will provide businesses with immediate tax relief.  The Renewal Community program began January 1, 2002 and will continue through December 31, 2009.  Mississippi’s designated area includes portions of 13 counties and 30 municipalities located in the central part of the state.

Virtually all of Madison County is included under this designation with the exception of HUD declared ineligible areas, which include the City of Madison, the City of Ridgeland, and a small portion of Canton.  This means that the northern part of the County as well as Flora and most portions of Canton are in the Renewal Community.  Therefore, special tax credits will be available to businesses and industries who are located in and whose employees reside in the RC area.  The Madison County Economic Development Authority in conjunction with the Central Mississippi Planning and Development District and the Mississippi Development Authority will be holding a meeting at the Canton Multipurpose Center, 501 Soldiers Colony Road, Canton, MS on June 12, 2007, at 10:00 AM.  It is imperative that you, the local industry owner and your CPA, be present to understand the benefits and implications of this designation.  Information including benefits, tax advantages, who can receive them as well as maps and requirements will be discussed.

If any further information is needed, contact the Madison County Economic Development Authority at (601) 859-1990.