- Associated Press - Thursday, July 3, 2014

GREENWOOD, Miss. (AP) - The city of Greenwood will soon have an entertainment district in downtown.

The Greenwood Commonwealth reports (http://bit.ly/1pLFlPM ) the city council approved a proposal from Main Street Greenwood Inc. to provide for tax incentives for certain qualifying new businesses.

Main Street officials say for entities establishing theaters or museums, the state offers a five-year accelerated depreciation on income tax.

The other tax break for nightclubs and restaurants provides they must be open to the public, seat at least 40 people, operate five days a week from 6 p.m. to midnight and feature live entertainment three nights a week.

Those businesses would be given an 80 percent rebate on all sales taxes for up to 10 years or until reaching 30 percent of the approved project’s cost, whichever comes first.

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Information from: The Greenwood Commonwealth, http://www.gwcommonwealth.com

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