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A simple formula for job growth: Mississippi Gov. Bryant

Mississippi Gov. Phil Bryant
Source: The Office of Mississippi Governor Phil Bryant
Mississippi Gov. Phil Bryant

From a state's perspective, the universally essential factors in creating a climate ripe for job creation is the elimination of unnecessary and burdensome taxes and regulations and the existence of a highly skilled workforce.

Since I took office in 2012, curbing taxes that dissuade industries from locating in Mississippi or damper the growth of our existing businesses has been one of my primary goals.

In my first year as governor, we started with inventory taxes. Under the new law, businesses that pay inventory tax are eligible for tax credits against their state income-tax liability. Those credits help offset what a company pays in inventory tax, effectively ending what amounted to double taxation.

This year, Mississippi enacted the largest tax cut in its history, highlighted by the gradual elimination of the state's corporate franchise tax. Combined with the reduction in income-tax rates applicable to individuals, corporations, trusts and estates, the franchise tax phaseout makes Mississippi more economically competitive.

Eliminating the franchise tax provides greater incentive for businesses to locate or stay in Mississippi. Even with the successes we've had in landing highly visible brands, ranging from Yokohama Tire and Continental Tire to Rolls-Royce and SpaceX, our state is now better equipped to compete for economic development projects both nationally and globally.

"Eliminating the franchise tax provides greater incentive for businesses to locate or stay in Mississippi."

Similarly, the establishment of the Mississippi Works Fund sends a clear signal to the manufacturing community our state is serious about supplying companies with a job-ready workforce. The fund allots $10 million for workforce training at community colleges for 2016 and $5 million each following year. Seventy-five percent of the funds are earmarked specifically for job creation, and the Mississippi Development Authority, our state's economic development agency, has the ability to direct these funds as part of recruitment and expansion efforts. And while the Mississippi Works Fund is financed through the unemployment taxes paid by business, we also cut the rate employers pay.

Mississippi is not a Johnny-come-lately to the concept of workforce development. We are a leader. The tax cuts and the workforce training funds combined with our best-in-the-nation community college system and existing talent pool sets the table for Mississippi to flourish.

For a manufacturer exploring a new location or a business with expansion plans, Mississippi is able to provide a ready-to-work pool of job candidates from day one and throughout the business' lifetime. Mississippi continues to vigilantly review its tax structure for ways to increase our standing as one of the most business-friendly states in the nation. From our perspective, the ultimate goal is not just landing a new company but creating a long-term mutually beneficial partnership between the company, the workforce and the state.

— By Mississippi Gov. Phil Bryant

Editor's note: This commentary was written before the release of the Top States 2016 data. The governor did not have knowledge of the rankings or the comprehensive data.