Two more malls approved for sales tax subsidy

news_business_greenBy Jeff Amy

Associated Press

JACKSON – Two more malls qualified for $78.3 million in potential tax breaks before the Mississippi law allowing such tax breaks expired.

That brings potential subsidies for “cultural retail” developments to more than $233 million.

The Mississippi Development Authority approved applications worth $29.6 million to expand Renaissance at Colony Park in Ridgeland and worth $48.8 million to build Pinelands Lifestyle Center in Flowood.

It’s unclear if either development will be built, at least at the large scale required for the subsidies.

Tourism tax rebates were widened in 2013 to include certain malls, but expired June 30. The state will rebate 80 percent of sales taxes collected at a development, up to 30 percent of construction costs. Developments had to be approved while the law was in effect, not start or complete construction.