2022 Regular Session
By: Senator(s) Harkins
AN ACT TO AMEND SECTION 57-10-601, MISSISSIPPI CODE OF 1972, TO FACILITATE MISSISSIPPI'S PARTICIPATION IN THE STATE SMALL BUSINESS CREDIT INITIATIVE BY AUTHORIZING THE MISSISSIPPI DEVELOPMENT AUTHORITY TO FORM A PRIVATE NONPROFIT ENTITY THAT IS EXEMPT FROM FEDERAL INCOME TAXATION, THE PURPOSE OF WHICH IS TO PROMOTE, AID AND ENCOURAGE ECONOMIC DEVELOPMENT IN THIS STATE OR A LOCALITY OR REGION OF THIS STATE, AND FOR OTHER ECONOMIC DEVELOPMENT PURPOSES; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 57-10-601, Mississippi Code of 1972, is amended as follows:
57-10-601. (1) As used in this section:
(a) "Act" means
the State Small Business Credit Initiative Act of 2010 ( * * *
12 USC Section 5701 et seq., as amended).
(b) "State program"
has the meaning ascribed to such term in the State Small Business Credit Initiative
Act of 2010 ( * * *
12 USC Section 5701
et seq., as amended).
(c) "MDA" means the Mississippi Development Authority.
(2) The MDA is designated as the agency to implement a state program and participate in the State Small Business Credit Initiative established under the act.
(3) The MDA is authorized and empowered to take any action necessary to establish and implement a state program that meets all the requirements of the act.
(4) The MDA is authorized and empowered to administer funds transferred to the state under the act.
(5) In addition to all other plenary power and authority, the MDA is authorized and empowered to form a private nonprofit entity that is exempt from federal income taxation, the purpose of which is to promote, aid and encourage economic development in this state or a locality or region of this state, and for other economic development purposes.
( * * *
6) The Executive Director of MDA is authorized
and empowered to promulgate and put into effect all reasonable rules and regulations
that he may deem necessary to carry out the provisions of this section and comply
with the act.
SECTION 2. This act shall take effect and be in force from and after July 1, 2022.