Amendment_Report_for

House Amendments to Senate Bill No. 2772

TO THE SECRETARY OF THE SENATE:

THIS IS TO INFORM YOU THAT THE HOUSE HAS ADOPTED THE AMENDMENTS SET OUT BELOW:

AMENDMENT NO. 1

Amend by striking all after the enacting clause and inserting in lieu thereof the following:

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 ( * * *~~Public Law 111‑240~~ 12 USC 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 ( * * *~~Public Law 111‑240~~ 12 USC 5701 et seq. as amended).

(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.

( * * *56) The Executive Director of MDA * * *~~is authorized and empowered to~~ shall promulgate and put into effect all reasonable rules and regulations that he or she 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 This act shall take effect and be in force from and after July 1, 2022, and shall stand repealed on June 30, 2022.

AN ACT TO AMEND SECTION 57-10-601, MISSISSIPPI CODE OF 1972, WHICH DESIGNATES THE MISSISSIPPI DEVELOPMENT AUTHORITY AS THE AGENCY TO IMPLEMENT A STATE PROGRAM AND PARTICIPATE IN THE FEDERAL STATE SMALL BUSINESS CREDIT INITIATIVE ACT OF 2010, TO AUTHORIZE 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.