Bill Text | History of Actions | Background | Title |
Description: Advantage Mississippi Initiative; create.
Bill Text: [Introduced]
| 1 | 08/28/00 | (H) | Referred To Ways and Means | |
| 2 | 08/30/00 | (H) | Died In Committee |
| Effective date | *V/R App. Req | |
| Disposition | Dead | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| 3/5ths vote required | Yes |
House Committee:
Principal Author: Fleming
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 057-0073-0021, 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 AN 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 QUALITY JOBS PROGRAM ACT"; TO AUTHORIZE THE STATE TAX COMMISSION TO MAKE INCENTIVE PAYMENTS FOR ESTABLISHMENTS ENGAGING IN CERTAIN BASIC INDUSTRIES; TO CREATE THE INCENTIVE APPROVAL COMMITTEE WHOSE DUTY SHALL BE TO DETERMINE WHETHER AN ESTABLISHMENT IS A BASIC INDUSTRY AS DEFINED IN THIS ACT; TO PROVIDE THAT QUALIFIED ESTABLISHMENTS MAY RECEIVE QUARTERLY INCENTIVE PAYMENTS FOR A TEN-YEAR PERIOD IN AN AMOUNT EQUAL TO THE TAX BENEFITS THAT ACCRUE TO THE STATE AS A RESULT OF NEW DIRECT JOBS MINUS THE ESTIMATED DIRECT STATE COSTS COMPUTED AS A PERCENTAGE OF GROSS PAYROLL OF THE ESTABLISHMENT, MULTIPLIED BY THE ACTUAL GROSS PAYROLL OF NEW DIRECT JOBS FOR A CALENDAR QUARTER AS VERIFIED BY THE MISSISSIPPI EMPLOYMENT SECURITY COMMISSION; TO PROVIDE THAT APPLICATION FOR INCENTIVE PAYMENTS SHALL BE MADE TO THE DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT; TO PROVIDE THE CRITERIA FOR ELIGIBILITY FOR INCENTIVE PAYMENTS; TO CREATE THE MISSISSIPPI QUALITY JOBS PROGRAM INCENTIVE PAYMENT FUND FROM WHICH INCENTIVE PAYMENTS SHALL BE MADE PURSUANT TO THIS ACT; TO PROVIDE THAT SUCH FUND SHALL BE FUNDED BY LEGISLATIVE APPROPRIATION; TO PROVIDE THAT THE LIABILITY OF THE STATE TO MAKE INCENTIVE PAYMENTS UNDER THIS ACT SHALL BE LIMITED TO THE BALANCE CONTAINED IN SUCH FUND; TO PROVIDE FOR CRIMINAL PENALTIES FOR WILLFULLY MAKING A FALSE OR FRAUDULENT APPLICATION, CLAIM, REPORT, RETURN, STATEMENT, INVOICE OR OTHER INSTRUMENT OR FOR WILLFULLY MAKING A FALSE OR FRAUDULENT STATEMENT IN CONNECTION WITH THIS ACT; TO CREATE THE "GROWTH AND PROSPERITY ACT" TO ASSIST CERTAIN COUNTIES IN ENCOURAGING ECONOMIC DEVELOPMENT; TO AUTHORIZE THE MISSISSIPPI LEGISLATURE TO DESIGNATE CERTAIN COUNTIES AS GROWTH AND PROSPERITY COUNTIES; TO PROVIDE THAT CERTAIN COUNTIES MAY APPLY TO THE MISSISSIPPI LEGISLATURE 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 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 57-73-25, 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 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 REVISE THE DEFINITION OF EMPLOYERS WHO ARE ELIGIBLE FOR SUCH CREDIT; 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 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.
End Of Document
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