The Gulf LNG Energy terminal is seen from above in this file photo.
PASCAGOULA, Mississippi -- Jackson County supervisors unanimously approved two 10-year tax exemptions today for more than $838 million in true property value.
Gulf LNG Energy received an exemption on nearly $828.5 million in true property value, and Ingalls Shipbuilding received an exemption on nearly $9.6 million.
Exemptions are granted on new investment only, and those true values represent a portion of the total capital investment made by the companies, county leaders said.
For example, the approved exemption applies to Gulf LNG's more than $27.4 million land improvement investment and an $801 million investment in machinery, equipment, fixtures and furniture.
Ingalls' exemption is based on millions invested in new property.
Exemptions apply only to a portion of county taxes. City and school taxes are not exempt, and portions of the county's road and county general fund taxes must also be paid.
Tax exemptions, which must meet all of the county's guidelines and policies before being approved, are meant to encourage investment in the county, create jobs and help keep local businesses competitive within their industries.