Incentive Screening

Tax incentives and development programs

Deal:Courtyard by Marriott Tupelo

Opportunity Zone — Census Tract 28081960200

Property located in designated OZ census tract in Tupelo, MS. QOF investment eligible for capital gains deferral and 10-year exclusion.

Eligible

$850,000estimated value

Key Details

census Tract28081960200

oz DesignatedYes

hold Period Required10

substantial Improvement RequiredYes

substantial Improvement Threshold100% of basis within 30 months

Compliance Requirements

Invest through Qualified Opportunity Fund (QOF)
Substantial improvement test: invest 100% of adjusted basis within 30 months
Hold for 10 years for full capital gains exclusion
90% asset test each semi-annual testing date
Annual reporting on Form 8996

Key Deadlines

QOF formation2024-12-31

Substantial improvement deadline2027-06-30

10-year hold completion2034-12-31

Mississippi Historic Tax Credit

Building in Tupelo Main Street Historic District (contributing structure). State credit of 25% of qualified rehabilitation expenditures.

Eligible

$950,000estimated value

Key Details

building NrhpNo

contributing DistrictYes

district NameTupelo Main Street Historic District

credit Rate0.25

qualified Rehab Cost Cents380000000

Compliance Requirements

Rehabilitation must meet Secretary of Interior Standards
Submit Part 1 (historic significance) to SHPO
Submit Part 2 (rehabilitation description) before construction
Submit Part 3 (completion) after construction
5-year recapture period after placed in service

Key Deadlines

Part 1 application2024-10-01

Part 2 submission2025-01-15

Construction completion2026-06-30

New Markets Tax Credit

Census tract poverty rate (18.2%) meets threshold (>20% required or median income <80% of area). Tract qualifies based on median family income at 72% of area median.

Not Eligible

Key Details

poverty Rate0.182

median Income Pct0.72

qualification BasisMedian income test — 72% of area median qualifies (threshold: 80%)

Tupelo TIF District

Property not currently within a designated TIF district. Nearest TIF district (Downtown Tupelo) is 0.4 miles from site.

Not Eligible

Stacking Summary

Combined incentives reduce effective project cost by 8.1%, from $22.3M to $20.5M

Command Palette

Incentive Screening

Opportunity Zone — Census Tract 28081960200

Mississippi Historic Tax Credit

New Markets Tax Credit

Tupelo TIF District

Stacking Summary

Incentive Screening

Opportunity Zone — Census Tract 28081960200

Mississippi Historic Tax Credit

New Markets Tax Credit

Tupelo TIF District

Stacking Summary