Mississippi Legislature
2005 3rd Extraordinary Session

Senate Bill 2001

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Bill Text

History of Actions

Background

Title

Description: Economic development; establish and enhance certain incentives and authorize bonds for.

Bill Text: [Introduced] [Passed Senate]

History of Actions:

1 06/28 (S) Referred To Finance
2 06/28 (S) Title Suff Do Pass
3 06/28 (S) Passed
4 06/28 (S) Immediate Release
5 06/28 (S) Transmitted To House
6 06/28 (H) Referred To Ways and Means
7 07/02 (H) Died In Committee

Background Information:

Effective date** See Text
DispositionDead
DeadlineNone
RevenueNo
Vote type requiredThree/Fifths

Senate Committee:

House Committee:

Principal Author: Robertson

Additional Authors: Carmichael, Chaney, Clarke, Dearing, Doxey, Gollott, Gordon, Harden, Jackson (15th), Jackson (32nd), King, Lee (35th), Little, Mettetal, Morgan, Pickering, Posey, Thames, Tollison, White

Code Sections: A 057-0001-0016, A 057-0061-0025, A 057-0061-0034, A 057-0061-0036, A 027-0031-0101, A 027-0065-0017, A 027-0065-0019, A 027-0065-0101, A 057-0073-0021, A 057-0073-0025, A 057-0010-0401, A 057-0062-0005, A 057-0062-0009, A 057-0062-0013

Title: AN ACT TO CREATE THE MISSISSIPPI EXISTING INDUSTRY PRODUCTIVITY LOAN PROGRAM TO BE ADMINISTERED BY THE MISSISSIPPI DEVELOPMENT AUTHORITY FOR THE PURPOSE OF PROVIDING LOANS TO CERTAIN INDUSTRIES THAT HAVE BEEN OPERATING IN THIS STATE FOR NOT LESS THAN TWO YEARS; TO PROVIDE THAT THE LOANS SHALL BE UTILIZED BY INDUSTRIES TO DEPLOY LONG-TERM FIXED ASSETS THAT THROUGH NEW TECHNOLOGY WILL IMPROVE PRODUCTIVITY AND COMPETITIVENESS; TO CREATE THE MISSISSIPPI EXISTING INDUSTRY PRODUCTIVITY LOAN FUND TO BE ADMINISTERED BY THE MISSISSIPPI DEVELOPMENT AUTHORITY; TO AUTHORIZE THE ISSUANCE OF $7,000,000.00 IN STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS FOR THE MISSISSIPPI EXISTING INDUSTRY PRODUCTIVITY LOAN FUND; TO AUTHORIZE THE ISSUANCE OF $7,000,000.00 IN STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS FOR THE ACE FUND; TO AMEND SECTION 57-1-16, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE MISSISSIPPI DEVELOPMENT AUTHORITY TO UTILIZE THE PROCEEDS OF GENERAL OBLIGATION BONDS ISSUED FOR THE ACE FUND TO REIMBURSE THE AUTHORITY FOR REASONABLE ACTUAL AND NECESSARY COSTS INCURRED IN PROVIDING ASSISTANCE FROM THE ACE FUND; TO LIMIT THE AMOUNT OF SUCH REIMBURSEMENTS TO AN AMOUNT NOT TO EXCEED 3% OF THE GENERAL OBLIGATION BONDS ISSUED FOR GRANTS; TO REQUIRE THAT BUSINESSES OR INDUSTRIES SEEKING ASSISTANCE FROM THE ACE FUND PROVIDE CERTAIN INFORMATION AND ENTER INTO CERTAIN AGREEMENTS; TO AMEND SECTION 57-61-25, MISSISSIPPI CODE OF 1972, TO INCREASE BY $14,000,000.00 THE AMOUNT OF GENERAL OBLIGATION BONDS THAT MAY BE ISSUED UNDER THE MISSISSIPPI BUSINESS INVESTMENT ACT; TO AMEND SECTION 57-61-34, MISSISSIPPI CODE OF 1972, TO INCREASE BY $7,000,000.00 THE AMOUNT OF BOND PROCEEDS THAT THE MISSISSIPPI DEVELOPMENT AUTHORITY MAY UTILIZE UNDER THE MISSISSIPPI BUSINESS INVESTMENT ACT FOR INTEREST-BEARING LOANS TO MUNICIPALITIES OR PRIVATE COMPANIES TO AID IN THE ESTABLISHMENT OF BUSINESS INCUBATION CENTERS AND THE CREATION OF NEW AND EXPANDING RESEARCH AND DEVELOPMENT AND TECHNOLOGY-BASED BUSINESS AND INDUSTRY; TO AMEND SECTION 57-61-36, MISSISSIPPI CODE OF 1972, TO INCREASE BY $7,000,000.00 THE AMOUNT OF BOND PROCEEDS THAT THE MISSISSIPPI DEVELOPMENT AUTHORITY MAY UTILIZE UNDER THE MISSISSIPPI BUSINESS INVESTMENT ACT TO MAKE GRANTS OR LOANS TO COUNTIES AND MUNICIPALITIES THROUGH AN EQUIPMENT AND PUBLIC FACILITIES GRANT AND LOAN FUND TO AID IN INFRASTRUCTURE-RELATED IMPROVEMENTS, THE PURCHASE OF EQUIPMENT AND IN THE PURCHASE, CONSTRUCTION OR REPAIR AND RENOVATION OF PUBLIC FACILITIES; TO ESTABLISH AN INCOME TAX CREDIT FOR MANUFACTURING ENTERPRISES THAT HAVE OPERATED IN THIS STATE FOR NOT LESS THAN TWO YEARS IN AN AMOUNT EQUAL TO A CERTAIN PERCENTAGE OF THE ENTERPRISE'S INVESTMENT IN BUILDINGS OR EQUIPMENT; TO PROVIDE THAT ANY SUCH TAX CREDIT CLAIMED BUT NOT USED IN ANY TAXABLE YEAR MAY BE CARRIED FORWARD FOR FIVE YEARS FROM THE CLOSE OF THE TAX YEAR IN WHICH THE ELIGIBLE INVESTMENT WAS MADE; TO PROVIDE THAT THE CREDIT TAKEN IN ANY ONE TAX YEAR IS LIMITED TO AN AMOUNT NOT GREATER THAN 50% OF THE TAXPAYER'S STATE INCOME TAX LIABILITY WHICH IS ATTRIBUTABLE TO INCOME DERIVED FROM OPERATIONS IN THE STATE FOR THAT YEAR; TO PROVIDE THAT THE MANUFACTURING ENTERPRISE MUST INVEST AT LEAST $1,000,000.00 TO BE ELIGIBLE FOR THE CREDIT; TO PROVIDE THAT THE MAXIMUM CUMULATIVE CREDIT THAT MAY BE CLAIMED BY A TAXPAYER FOR ANY ONE PROJECT IS LIMITED TO $1,000,000.00; TO PROVIDE FOR RECAPTURE OF THE CREDIT UNDER CERTAIN CIRCUMSTANCES; TO AMEND SECTION 27-31-101, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE BOARD OF SUPERVISORS OF COUNTIES AND THE GOVERNING AUTHORITIES OF MUNICIPALITIES TO GRANT CERTAIN AD VALOREM TAX EXEMPTIONS TO DATA/INFORMATION PROCESSING ENTERPRISES AND TECHNOLOGY INTENSIVE ENTERPRISES MEETING MINIMUM CRITERIA ESTABLISHED BY THE MISSISSIPPI DEVELOPMENT AUTHORITY; TO AMEND SECTION 27-65-17, MISSISSIPPI CODE OF 1972, TO IMPOSE THE SALES TAX AT A REDUCED RATE ON CERTAIN SALES OF MACHINERY AND MACHINE PARTS TO A TECHNOLOGY INTENSIVE BUSINESS FOR PLANT USE; TO AMEND SECTION 27-65-19, MISSISSIPPI CODE OF 1972, TO REDUCE THE SALES TAX ON CERTAIN FUELS SOLD TO OR USED BY TECHNOLOGY INTENSIVE ENTERPRISES; TO AMEND SECTION 27-65-101, MISSISSIPPI CODE OF 1972, TO EXEMPT FROM SALES TAXATION SALES OF COMPONENT MATERIALS USED IN THE CONSTRUCTION OF A FACILITY, OR ANY ADDITION OR IMPROVEMENT TO SUCH FACILITY, AND SALES OR LEASES OF MACHINERY AND EQUIPMENT TO BE USED IN SUCH FACILITIES, ADDITIONS OR IMPROVEMENTS, TO PERMANENT BUSINESS ENTERPRISES OPERATING A DATA/INFORMATION ENTERPRISE IN A TIER THREE AREA MEETING MINIMUM CRITERIA ESTABLISHED BY THE MISSISSIPPI DEVELOPMENT AUTHORITY; TO EXEMPT FROM SALES TAXATION SALES OF COMPONENT MATERIALS USED IN THE CONSTRUCTION OF A FACILITY, OR ANY ADDITION OR IMPROVEMENT TO SUCH FACILITY, AND SALES OF MACHINERY AND EQUIPMENT TO BE USED IN SUCH FACILITIES, ADDITIONS OR IMPROVEMENTS, TO TECHNOLOGY INTENSIVE ENTERPRISES FOR INDUSTRIAL PURPOSES IN A TIER THREE AREA; TO REDUCE THE SALES TAXATION ON SALES OF COMPONENT MATERIALS USED IN THE CONSTRUCTION OF A FACILITY, OR ANY ADDITION OR IMPROVEMENT TO SUCH BUILDING, AND SALES OR LEASES OF MACHINERY AND EQUIPMENT TO BE USED IN SUCH BUILDINGS, ADDITIONS OR IMPROVEMENTS, TO PERMANENT BUSINESS ENTERPRISES OPERATING A DATA/INFORMATION ENTERPRISE IN A TIER ONE OR TIER TWO AREA MEETING MINIMUM CRITERIA ESTABLISHED BY THE MISSISSIPPI DEVELOPMENT AUTHORITY; TO REDUCE THE SALES TAXATION ON SALES OF COMPONENT MATERIALS USED IN THE CONSTRUCTION OF A FACILITY, OR ANY ADDITION OR IMPROVEMENT TO SUCH FACILITY, AND SALES OF MACHINERY AND EQUIPMENT, TO TECHNOLOGY INTENSIVE ENTERPRISES FOR INDUSTRIAL PURPOSES IN A TIER ONE OR TIER TWO AREA; TO AMEND SECTION 57-73-21, MISSISSIPPI CODE OF 1972, TO REVISE THE AMOUNT OF THE JOB TAX CREDIT FOR CERTAIN PERMANENT BUSINESS ENTERPRISES TO PROVIDE THAT THE AMOUNT OF THE CREDIT SHALL BE A CERTAIN PERCENTAGE OF SUCH ENTERPRISE'S PAYROLL; TO AMEND SECTION 57-73-25, MISSISSIPPI CODE OF 1972, IN CONFORMITY THERETO; TO AMEND SECTION 57-10-401, MISSISSIPPI CODE OF 1972, TO INCLUDE CERTAIN INFORMATION PROCESSING BUSINESSES, NATIONAL OR REGIONAL HEADQUARTERS, RESEARCH AND DEVELOPMENT FACILITIES AND TECHNOLOGY INTENSIVE ENTERPRISES OR FACILITIES WITHIN THE DEFINITION OF THE TERM "ELIGIBLE COMPANY"; TO AMEND SECTIONS 57-62-5 AND 57-62-9, MISSISSIPPI CODE OF 1972, TO REVISE THE DEFINITION OF THE TERM "QUALIFIED BUSINESS OR INDUSTRY" UNDER THE MISSISSIPPI ADVANTAGE JOBS ACT TO ALLOW A BUSINESS TO BE ELIGIBLE FOR THE INCENTIVE PAYMENT UNDER THE ACT IF IT IS A DATA/INFORMATION PROCESSING ENTERPRISE, MANUFACTURING OR DISTRIBUTION ENTERPRISE OR A RESEARCH AND DEVELOPMENT OR TECHNOLOGY INTENSIVE ENTERPRISE THAT MEETS CERTAIN CRITERIA, AND TO PROVIDE THAT BUSINESSES OR INDUSTRIES THAT APPLY FOR INCENTIVE PAYMENTS AFTER JUNE 30, 2009, SHALL NOT BE INCLUDED WITHIN THE DEFINITION OF THE TERM "QUALIFIED BUSINESS OR INDUSTRY"; TO REQUIRE APPLICANTS FOR THE INCENTIVE PAYMENTS UNDER THE ACT TO EXECUTE A PERFORMANCE AGREEMENT WITH THE MISSISSIPPI DEVELOPMENT AUTHORITY THAT SPECIFIES THE MANNER IN WHICH THE APPLICANT WILL UTILIZE THE INCENTIVE PAYMENT; TO AMEND SECTION 57-62-13, MISSISSIPPI CODE OF 1972, IN CONFORMITY THERETO; AND FOR RELATED PURPOSES.


Information pertaining to this measure was last updated on 07/05/05 at 08:46.

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