Furniture group gets tips on tax incentives

TUPELO – While the gathering was small, the information was plentiful at a meeting between representatives of the Mississippi Furniture Association and the Mississippi Development Authority.
The MFA and furniture industry leaders are still smarting from the veto of a bill that would have provided tax credits for cut-and-sew jobs, but they showed no signs of hostility at a meeting Thursday at the Tupelo Furniture Market.
“We appreciate any information that can help our industry,” MFA President Ken Pruett said.
Jay McCarthy, division director of MDA’s financial resources division, and Kathy Gelston, the bureau manager of financial resources, laid out a myriad of tax incentives available to manufacturers.
“We understand that you’re upset about the veto, but we also wanted to make you aware of what is available to you now and to make sure you’re taking advantage of everything that you can,” Gelston said.
Among the tax incentives is a tax credit for new jobs that are taken against the state’s corporate income tax. The credit can cover up to 10 percent of a company’s payroll.
Existing industry tax credits, an import/export tax credit and a sales and use tax exemption also were explained by the MDA.
“We encourage you to contact us and let us know how we can help you – it’s our job,” Gelston said.
Jim Sneed, CEO of Affordable Furniture, has talked about expansion plans for his plant in the past and said he was interested in what programs he might be able to use.
“I hope I can, but I’ll have to send an accountant because a lot of this is over my head,” he said with a laugh.
More information is available by visiting www.mississippi.org or calling the MDA at (601) 359-3449.

Dennis Seid/NEMS Daily Journal