The Mississippi Public Service Commission recently approved a new incentive program for renewable energy, despite the objections of Governor Tate Reeves and large utility companies. This new interpretation now opens up the possibility that a new qualifying renewable energy project will enjoy a reduction of up to eighty-three percent (83%) in annual property taxes during the first ten years of operation. Stephen Wright, director of the Gulf States Renewable Energy Industries Association, said the incentives “will position Mississippi to compete effectively for solar energy manufacturers, builders and financiers in a highly competitive market.Bailey said Mississippi is heavily dependent on natural gas and needs to diversify its energy sources. Democrat Brandon Presley, from the Northern District, and Republican Brent Bailey, from the Central District, voted in favor of the program.
The search for and development of clean, renewable energy continues to play an important role in driving economic development in the United States. The program provides guaranteed financing from loans and grants to agricultural producers and small rural businesses for renewable energy systems or to make improvements in energy efficiency.As southeastern states continue to increase their energy independence by prioritizing energy efficiency and renewable energy projects, tax incentives continue to be an important tool for accelerating investment in renewable energy. Mississippi recently took key steps to improve incentives to encourage and promote the development of renewable energy in the state by authorizing greater tax incentives for property throughout the state.The new tax incentive program is an incredible opportunity for businesses and individuals looking to invest in renewable energy sources in Central Mississippi. By taking advantage of this program, businesses can reduce their annual property taxes by up to 83%, making it easier to invest in renewable energy sources.
This could lead to more jobs and economic growth in Central Mississippi as businesses take advantage of this incentive.In addition to reducing property taxes, businesses can also take advantage of other incentives such as loans and grants for renewable energy systems or improvements in energy efficiency. These incentives can help businesses save money on their investments while also helping them reduce their environmental impact.Overall, the new tax incentive program is a great opportunity for businesses and individuals looking to invest in renewable energy sources in Central Mississippi. This could lead to more jobs and economic growth in Central Mississippi as businesses take advantage of this incentive.