The Mississippi Market Development Agreement (MDA) is a strategic partnership formed between public and private entities to facilitate economic growth and development in the state of Mississippi. It serves as a framework for collaboration and cooperation by defining roles, responsibilities, and goals for all parties involved in market development initiatives. The objective of the MDA is to spur investment, attract businesses, and create job opportunities to drive the state's economy forward. This comprehensive agreement represents a commitment between the Mississippi government, local municipalities, chambers of commerce, economic development agencies, and various industry stakeholders. It outlines mutual objectives, strategic priorities, and action plans to enhance Mississippi's market potential and competitiveness on a local, national, and even international scale. Key components of the Mississippi MDA include: 1. Investment Promotion: The MDA focuses on attracting both domestic and foreign direct investment to Mississippi. Various promotional activities and initiatives are outlined, such as investment seminars, trade missions, targeted marketing campaigns, and showcasing the state's competitive advantages. 2. Business Recruitment and Expansion: The agreement outlines strategies and resources for attracting new businesses to the state while assisting existing companies with expansion plans. This involves identifying potential industries, conducting market research, facilitating site selection, and providing financial incentives. 3. Workforce Development: Recognizing the importance of a skilled workforce, the MDA emphasizes collaborative efforts to enhance the state's labor pool. This includes partnerships with educational institutions, skill development programs, vocational training initiatives, and workforce readiness campaigns. 4. Infrastructure Development: The agreement identifies the need for well-developed infrastructure to support economic growth. It outlines plans for improving transportation networks, utilities, technology infrastructure, and other critical facilities to provide a conducive business environment. 5. International Trade: Understanding the significance of global markets, the MDA fosters international trade partnerships. It involves promoting Mississippi-made goods and services abroad, supporting export-oriented businesses, and facilitating trade delegations to explore new markets. It is important to note that the Mississippi MDA may have different variations or subcategories, reflecting specific agreements targeting diverse sectors or regions within the state. These could include: 1. Agriculture Market Development Agreement: Focusing on the agricultural sector, this agreement aims to promote Mississippi's agricultural products and increase market access for farmers and food processors. 2. Technology and Innovation Market Development Agreement: Concentrating on technology-driven industries, this agreement aims to boost innovation, research and development, and commercialization of cutting-edge products and services. 3. Tourism and Hospitality Market Development Agreement: Targeting the tourism industry, this agreement focuses on attracting tourists, organizing events, improving hospitality infrastructure, and marketing Mississippi as a desirable travel destination. By implementing the Mississippi Market Development Agreement and its tailored variations, the state of Mississippi aims to create a thriving, diversified, and resilient economy, attracting investments, creating employment opportunities, and improving the overall quality of life for its residents.
Mississippi Market Development Agreement
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A residential contractor license is required for anyone working on residential construction totaling $50,000 or more, or residential remodeling or roofing over $10,000. Residential electrical, plumbing or HVAC work is regulated by the city or county where the work is done.
Material Purchase Certificate (MPC) Prior to beginning work, the prime contractor(s) is required to apply for a MPC for the contract . You may apply for a MPC on TAP.
Some customers are exempt from paying sales tax under Mississippi law. Examples include government agencies, some nonprofit organizations, and merchants purchasing goods for resale. Sellers are required to collect a valid exemption or resale certificate from buyers to validate each exempt transaction.
To qualify, a business must invest at least $1 million in buildings and/or equipment. A corporate income tax credit equal to 5% of eligible investment may be awarded to qualifying manufacturers with a maximum available credit of $1 million per project.
How Much Does It Cost? A General Contractor Application fee is $200, plus $50 for each classification. Commercial Licensing fee: $400, and includes one classification. Residential Licensing fee: $50, and includes one classification.
All sales of tangible personal property in the State of Mississippi are subject to the regular retail rate of sales tax (7%) unless the law exempts the item or provides a reduced rate of tax for an item. The tax is based on gross proceeds of sales or gross income, depending on the type of business.
Mississippi sales tax law imposes a 3.5% contractor's tax on all non-residential construction activities when the total contract price or compensation exceeds $10,000. The tax is levied on the entire contract price even though most construction contracts will consist of both goods and services.