May 31, 2023 - Jackson, MS
by: Mississippi Development Authority
The Mississippi Development Authority has been honored with an Economic Development Organization Award by Business Facilities. This recognition marks the first edition of the EDO Awards, which honor the exceptional efforts of economic developers to foster community growth through innovative programs and incentives.
“This award highlights the fact that Mississippi has a lot of momentum. We continue to create thousands of jobs for Mississippians and further strengthen our state’s already strong economy. The Mississippi Development Authority has been instrumental in fostering an environment ripe for economic growth and investment in our state. This recognition is a tribute to Mississippi’s commitment to economic development and showcases the great work of MDA and our partners,” said Governor Tate Reeves.
The EDO Awards honor both emerging and established initiatives that have made a significant impact on economic development, setting the stage for future prosperity. The winning projects exemplify perseverance and dedication, ranging from groundbreaking ventures to the establishment of thriving economic hubs. MDA was honored with the award for its new Mississippi Flexible Tax Incentive program, also known as MFLEX.
MFLEX is a unique incentive offering is a streamlined universal tax credit that can be used to offset Mississippi state tax liabilities. Passed by the Mississippi Legislature in 2022, this groundbreaking program is better designed to meet the needs of new and expanding businesses by offering more flexibility than traditional tax incentive offerings, and the simplicity of MFLEX’s application process is greatly appreciated by companies as it eliminates the need for multiple applications for incentive programs. To qualify, companies must invest more than $2.5 million and create at least 10 jobs.
“Being honored with the EDO Award is affirmation of the commitment of the MDA team to drive economic growth and remain competitive in this highly competitive arena. We will remain dedicated to creating an environment that nurtures business expansion, supports emerging industries and uplifts our communities,” said MDA Deputy Executive Director Laura Hipp.
Business Facilities conducted a meticulous evaluation of the nominations received through an online portal, ultimately selecting 24 winners in different categories, including State, Utility, Large, Mid-Sized and Small EDO.
“Every organization has a story behind their strategy, and we applaud all who submitted a nomination,” said Business Facilities Editorial Director Anne Cosgrove. “And while these stories vary by size and scope, a common thread is that our winners demonstrated proven results, innovation, and resourcefulness, as well as effective partnerships. Congratulations to each of this year’s winners.”
For more information, go to https://businessfacilities.com/business-facilities-2023-economic-development-organization-awards.
