Mississippi Legislature

2000 Second Extraordinary Session

Senate Bill 2001

Instructions Bill Status Menu




Bill Text

History of Actions

Background

Title

Description: Advantage Mississippi Initiative; enact.

Bill Text: [Introduced]

History of Actions:

108/28/00(S)Referred To Finance
208/30/00(S)Died In Committee

Background Information:

Effective date*V/R App. Req
DispositionDead
DeadlineNone
RevenueNo
3/5ths vote requiredYes

Senate Committee:

Principal Author: Minor

Code Sections: A 057-0001-0002, A 057-0001-0054, A 019-0009-0001, A 019-0009-0005, A 019-0009-0011, A 021-0033-0301, A 021-0033-0303, A 021-0033-0307, A 021-0041-0003, A 021-0041-0005, A 021-0041-0043, A 021-0045-0003, A 021-0045-0009, A 021-0045-0013, A 057-0061-0036, A 057-0073-0021, A 057-0073-0025, BF 057-0001-0005, BF 057-0001-0055, BF 037-0004-0011, BF 037-0153-0013, A 057-0075-0005, A 057-0075-0009, A 057-0075-0011, A 057-0075-0015, A 027-0013-0005, A 027-0013-0007, A 027-0065-0101

Title: AN ACT TO CREATE THE ADVANTAGE MISSISSIPPI INITIATIVE; TO AMEND SECTIONS 57-1-2 AND 57-1-54, MISSISSIPPI CODE OF 1972, TO CHANGE THE NAME OF THE MISSISSIPPI DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT TO THE MISSISSIPPI DEVELOPMENT AUTHORITY; TO CREATE A SPECIAL FUND IN THE STATE TREASURY TO BE KNOWN AS THE "ACE" FUND WHICH SHALL CONSIST OF MONEY FROM ANY PUBLIC OR PRIVATE SOURCE DESIGNATED FOR DEPOSIT INTO SUCH FUND; TO PROVIDE THAT MONEY FROM SUCH FUND SHALL BE UTILIZED TO ASSIST IN THE MAXIMIZING OF EXTRAORDINARY ECONOMIC DEVELOPMENT OPPORTUNITIES; TO PROVIDE THAT THE MISSISSIPPI DEVELOPMENT AUTHORITY SHALL HAVE SOLE DISCRETION IN THE AWARDING OF ACE FUNDS; TO CREATE THE "REGIONAL ECONOMIC DEVELOPMENT ACT" TO PROMOTE THE ISSUING OF BONDS FOR CERTAIN PROJECTS BY LOCAL GOVERNMENT UNITS ACTING JOINTLY OR SEVERALLY WITH OTHER GOVERNMENT UNITS INCLUDING GOVERNMENT UNITS IN AN ADJOINING STATE, THROUGH THE CREATION OF REGIONAL ECONOMIC DEVELOPMENT ALLIANCES; TO PROVIDE THAT A LOCAL GOVERNMENT UNIT MUST APPLY TO THE MISSISSIPPI DEVELOPMENT AUTHORITY FOR A CERTIFICATE OF PUBLIC CONVENIENCE AND NECESSITY FOR THE FORMATION OF SUCH A REGIONAL ECONOMIC DEVELOPMENT ALLIANCE; TO AUTHORIZE THE MISSISSIPPI DEVELOPMENT AUTHORITY TO REFUSE TO ISSUE SUCH CERTIFICATES OF PUBLIC CONVENIENCE AND NECESSITY; TO GIVE THE MISSISSIPPI DEVELOPMENT AUTHORITY THE POWER TO PLACE CERTAIN REQUIREMENTS ON THE EXERCISE OF CERTAIN DUTIES BY SUCH REGIONAL ECONOMIC DEVELOPMENT AUTHORITIES INCLUDING THE SPECIFYING OF THE EXTENT AND AMOUNT TO WHICH THE LOCAL GOVERNMENT UNIT MAY ISSUE BONDS; TO SPECIFY THE AUTHORITY OF LOCAL GOVERNMENT UNITS TO ISSUE BONDS UNDER THIS ACT; TO PROVIDE FOR THE JOINT EXERCISE OF AUTHORITY BY LOCAL GOVERNMENT UNITS OF THIS STATE AND GOVERNMENTAL UNITS IN ADJOINING STATE; TO PROVIDE THAT JOINT UNDERTAKINGS UNDER THE ACT SHALL BE EVIDENCED BY WRITTEN CONTRACTUAL AGREEMENTS FOR JOINT OR COOPERATIVE ACTION TO PROVIDE SERVICES AND FACILITIES; TO PROVIDE THAT REGIONAL ECONOMIC DEVELOPMENT AUTHORITIES MAY TAKE ANY ACTION THAT ANY LOCAL GOVERNMENT UNIT MEMBER MAY TAKE; TO GRANT REGIONAL ECONOMIC DEVELOPMENT AUTHORITIES CERTAIN POWERS WITH REGARD TO THE ISSUANCE OF BONDS; TO REQUIRE THE AGREEMENTS MADE UNDER THE ACT TO INCLUDE CERTAIN PROVISIONS; TO REQUIRE SUCH AGREEMENTS TO BE APPROVED BY CERTAIN OFFICERS; TO REQUIRE THE FILING OF SUCH AGREEMENTS; TO CREATE THE "MISSISSIPPI ADVANTAGE JOBS ACT" TO PROVIDE INCENTIVES FOR THE SUPPORT OF THE ESTABLISHMENT OF QUALITY BUSINESS AND INDUSTRY THAT HOLD THE PROMISE OF SIGNIFICANT DEVELOPMENT OF THE ECONOMY OF THE STATE OF MISSISSIPPI THROUGH THE CREATION OF QUALITY JOBS; TO PROVIDE FOR QUARTERLY INCENTIVE PAYMENTS TO QUALIFIED BUSINESSES FOR A PERIOD OF NOT TO EXCEED 10 YEARS; TO PROVIDE FOR THE AMOUNT OF THE INCENTIVE PAYMENT; TO PROVIDE THAT THE PAYMENT SHALL BE BASED ON THE NUMBER OF JOBS CREATED; TO PROVIDE THAT IN ORDER TO QUALIFY FOR SUCH PAYMENTS THE AVERAGE ANNUAL SALARY OF THE EMPLOYEES OF THE RECIPIENT MUST BE AT LEAST 125% OF THE AVERAGE ANNUAL WAGE OF THE COUNTY IN WHICH THE QUALIFIED BUSINESS IS LOCATED; TO PROVIDE THAT A CERTAIN NUMBER OF JOBS MUST BE CREATED OR MAINTAINED; TO PROVIDE THAT THE MISSISSIPPI DEVELOPMENT AUTHORITY SHALL DETERMINE THE ELIGIBILITY OF THE BUSINESS; TO CREATE A SPECIAL FUND IN THE STATE TREASURY TO BE KNOWN AS THE "MISSISSIPPI ADVANTAGE JOBS INCENTIVE PAYMENT FUND" INTO WHICH SHALL BE DEPOSITED A CERTAIN PORTION OF THE WITHHOLDING TAXES PAID BY THE QUALIFIED BUSINESS; TO PROVIDE THAT MONEY IN THE FUND SHALL BE UTILIZED TO MAKE THE REQUIRED INCENTIVE PAYMENTS; TO PROVIDE THAT THE LIABILITY OF THE STATE TO MAKE INCENTIVE PAYMENTS SHALL BE LIMITED TO THE BALANCE IN THE FUND; TO PROVIDE THAT CLAIMS FOR QUARTERLY INCENTIVE PAYMENTS SHALL BE FILED WITH THE STATE TAX COMMISSION; TO PROVIDE THAT THE STATE TAX COMMISSION SHALL VERIFY THE ELIGIBILITY OF THE BUSINESS FOR THE INCENTIVE PAYMENTS PRIOR TO EACH PAYMENT; TO PROVIDE THAT THE STATE TAX COMMISSION SHALL ISSUE WARRANTS FOR THE PAYMENT OF INCENTIVE PAYMENTS UPON VERIFICATION THAT THE RECIPIENT IS ELIGIBLE; TO CREATE A NEW CODE SECTION TO BE CODIFIED AS SECTION 27-7-312, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT AN AMOUNT OF THE WITHHOLDING TAX COLLECTED FROM AN EMPLOYER WHO IS ELIGIBLE TO RECEIVE QUARTERLY INCENTIVE PAYMENTS UNDER THE MISSISSIPPI ADVANTAGE JOBS ACT THAT IS EQUAL TO THE ESTIMATED AMOUNT OF THE QUARTERLY INCENTIVE PAYMENT FOR WHICH AN EMPLOYEE IS ELIGIBLE, SHALL BE DEPOSITED INTO THE MISSISSIPPI ADVANTAGE JOBS INCENTIVE PAYMENT FUND FOLLOWING THE CLOSE OF EACH CALENDAR QUARTER; TO CREATE THE "GROWTH AND PROSPERITY ACT" TO ASSIST CERTAIN COUNTIES IN ENCOURAGING ECONOMIC DEVELOPMENT; TO AUTHORIZE THE MISSISSIPPI DEVELOPMENT AUTHORITY TO DESIGNATE CERTAIN COUNTIES AS GROWTH AND PROSPERITY COUNTIES; TO PROVIDE THAT CERTAIN COUNTIES MAY APPLY TO THE MISSISSIPPI DEVELOPMENT AUTHORITY FOR DESIGNATION AS GROWTH AND PROSPERITY COUNTIES; TO PROVIDE INCENTIVES IN THE FORM OF TEMPORARY EXEMPTIONS FROM LOCAL AD VALOREM TAXES AND STATE FRANCHISE, INCOME AND SALES TAXES FOR APPROVED BUSINESS ENTERPRISES THAT LOCATE OR EXPAND IN GROWTH AND PROSPERITY COUNTIES; TO CREATE THE "LOCAL ADVANTAGE FINANCING ACT" TO PROVIDE LOCAL GOVERNMENT UNITS WITH ADDITIONAL METHODS OF FINANCING CERTAIN ECONOMIC DEVELOPMENT PROJECTS; TO PROVIDE THE TYPES OF PROJECTS FOR WHICH LOCAL GOVERNMENT UNITS MAY ISSUE BONDS UNDER THE LOCAL ADVANTAGE FINANCING ACT; TO PROVIDE THAT A LOCAL GOVERNMENT UNIT MUST APPLY TO THE MISSISSIPPI DEVELOPMENT AUTHORITY FOR A CERTIFICATE OF CONVENIENCE AND NECESSITY FOR A PROJECT BEFORE INCURRING INDEBTEDNESS FOR SUCH A PROJECT; TO AUTHORIZE THE MISSISSIPPI DEVELOPMENT AUTHORITY TO ISSUE SUCH CERTIFICATES OF CONVENIENCE AND NECESSITY; TO PROVIDE THAT LOCAL GOVERNMENT UNITS MAY ISSUE GENERAL OBLIGATION BONDS, TAX INCREMENT FINANCING BONDS, SPECIAL ASSESSMENT BONDS AND REVENUE BONDS TO PROVIDE FINANCING FOR PROJECTS UNDER THE LOCAL ADVANTAGE FINANCING ACT; TO PROVIDE THAT LOCAL GOVERNMENT UNITS MAY IMPOSE A SALES TAX, TAX INCREMENT TAX, AD VALOREM TAX AND SPECIAL ASSESSMENT TAX TO SECURE SUCH FINANCING OR OTHER OBLIGATION A LOCAL GOVERNMENT UNIT MAY INCUR FOR AN APPROVED PROJECT; TO REQUIRE A REFERENDUM BEFORE THE ISSUANCE OF GENERAL OBLIGATION BONDS AND THE IMPOSITION OF AN AD VALOREM TAX OR SPECIAL SALES TAX UNDER THE LOCAL ADVANTAGE FINANCING ACT; TO PROVIDE FOR A REVERSE REFERENDUM BEFORE THE ISSUANCE OF TAX INCREMENT FINANCING OR SPECIAL ASSESSMENT BONDS AND THE IMPOSITION OF ANY TAX INCREMENT TAX OR SPECIAL ASSESSMENT TAX UNDER THE LOCAL ADVANTAGE FINANCING ACT; TO PROVIDE THAT BONDS ISSUED BY A LOCAL GOVERNMENT UNIT UNDER THE LOCAL ADVANTAGE FINANCING ACT WILL NOT BE CONSIDERED WHEN COMPUTING ANY LIMITATION OF INDEBTEDNESS OF THE LOCAL GOVERNMENT UNIT; TO AMEND SECTIONS 19-9-1, 19-9-5, 19-9-11, 21-33-301, 21-33-303, 21-33-307, 21-41-3, 21-41-5, 21-41-43, 21-45-3, 21-45-9 AND 21-45-13, MISSISSIPPI CODE OF 1972, IN CONFORMITY THERETO; TO AMEND SECTION 57-61-36, MISSISSIPPI CODE OF 1972, TO REQUIRE THE MISSISSIPPI DEVELOPMENT AUTHORITY TO USE A PORTION OF THE FUNDS UNDER THE DEVELOPMENT INFRASTRUCTURE GRANT PROGRAM TO PROVIDE ASSISTANCE TO SMALL MUNICIPALITIES AND LIMITED POPULATION COUNTIES IN COMPLETING INFRASTRUCTURE REGARDLESS OF WHETHER IT IS RELATED TO NEW OR EXPANDED INDUSTRY; TO AMEND SECTION 57-73-21, MISSISSIPPI CODE OF 1972, TO RENAME THE CATEGORIES OF COUNTIES UNDER THE LAW ESTABLISHING THE JOBS TAX CREDIT; TO INCLUDE DATA OR INFORMATION PROCESSING ENTERPRISES OR COMPUTER SOFTWARE DEVELOPMENT ENTERPRISES OR ANY TECHNOLOGY INTENSIVE FACILITY OR ENTERPRISE AS ENTERPRISES WHICH QUALIFY FOR THE JOBS TAX CREDIT; TO INCREASE THE CREDIT FOR JOBS RESULTING FROM THE ESTABLISHMENT OR TRANSFER OF A COMPANY'S NATIONAL OR REGIONAL HEADQUARTERS IN THE STATE UNDER CERTAIN CIRCUMSTANCES; TO INCREASE THE TAX CREDIT FOR NEW JOBS REQUIRING RESEARCH AND DEVELOPMENT SKILLS; TO AMEND SECTION 57-73-25, MISSISSIPPI CODE OF 1972, TO INCREASE FROM 25% TO 50% THE AMOUNT OF THE INCOME TAX CREDIT GRANTED TO EMPLOYERS SPONSORING BASIC SKILLS TRAINING; TO AUTHORIZE THE CREDIT TO APPLY TO CERTAIN TRAINING APPROVED BY THE COMMUNITY/JUNIOR COLLEGE DISTRICT WITHIN WHICH THE EMPLOYER IS LOCATED; TO REVISE THE DEFINITION OF EMPLOYERS WHO ARE ELIGIBLE FOR SUCH CREDIT; TO BRING FORWARD SECTIONS 57-1-5 AND 57-1-55, MISSISSIPPI CODE OF 1972, WHICH PROVIDE CERTAIN POWERS AND DUTIES OF THE MISSISSIPPI DEVELOPMENT AUTHORITY AND ITS EXECUTIVE DIRECTOR; TO BRING FORWARD SECTIONS 37-4-11 AND 37-153-13, MISSISSIPPI CODE OF 1972, WHICH PROVIDE FOR CERTAIN POWERS AND DUTIES OF THE STATE BOARD FOR COMMUNITY AND JUNIOR COLLEGES; TO AMEND SECTION 57-75-5, MISSISSIPPI CODE OF 1972, TO REVISE THE DEFINITION OF THE TERM "PROJECT" UNDER THE MISSISSIPPI MAJOR ECONOMIC IMPACT ACT; TO AMEND SECTIONS 57-75-9 AND 57-75-11, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE MISSISSIPPI MAJOR ECONOMIC IMPACT AUTHORITY TO NEGOTIATE WITH THE OWNER OF A PROJECT A FEE-IN-LIEU OF FRANCHISE TAXES THAT SHALL BE NOT LESS THAN $25,000.00 ANNUALLY; TO AMEND SECTION 57-75-15, MISSISSIPPI CODE OF 1972, TO REVISE THE USES FOR WHICH BOND PROCEEDS MAY BE UTILIZED UNDER THE MISSISSIPPI MAJOR ECONOMIC IMPACT ACT; TO AMEND SECTIONS 27-13-5, 27-13-7 AND 27-65-101, MISSISSIPPI CODE OF 1972, IN CONFORMITY TO THE PROVISIONS OF THIS ACT; AND FOR RELATED PURPOSES.


Information pertaining to this measure was last updated on 08/30/00 at 15:38.



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