Bill Text | History of Actions | Background | Title |
Description: MS Development Authority; authorize certain programs and tax credits to encourage development in less developed counties.
Bill Text: [Introduced]
| 1 | 01/21 (S) Referred To Finance | |
| 2 | 02/05 (S) Died In Committee |
| Effective date | July 1, 2002 | |
| Disposition | Dead | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| Vote type required | Three/Fifths |
Senate Committee:
Principal Author: Simmons
Code Sections: A 057-0073-0021, A 057-0001-0303, A 057-0061-0025, A 057-0061-0034
Title: AN ACT TO BE ENTITLED THE ECONOMIC DEVELOPMENT ACT OF 2002 TO CREATE THE CHILD DAY CARE LOAN GUARANTEE FUND FOR THE PURPOSE OF ENCOURAGING LENDERS TO MAKE LOANS AVAILABLE FOR THE PURPOSE OF FINANCING THE DEVELOPMENT AND EXPANSION OF CHILD DAY CARE CENTERS IN TIER THREE AREAS OF THE STATE; TO PROVIDE THAT THE MISSISSIPPI DEVELOPMENT AUTHORITY (MDA) SHALL ADMINISTER THE LOAN GUARANTEE PROGRAM; TO PROVIDE THAT LOANS OR AN ENTITY DESIGNATED BY SUCH DEPARTMENT THAT ARE ELIGIBLE FOR GUARANTEES MAY BE MADE ONLY FOR CERTAIN PURPOSES; TO LIMIT THE AMOUNT OF THE LOAN GUARANTEES MADE UNDER THIS ACT; TO PRESCRIBE CERTAIN CRITERIA THAT SHALL BE USED IN THE DETERMINATION OF WHETHER TO GRANT CERTAIN LOAN GUARANTEES; TO PRESCRIBE THE INFORMATION THAT AN APPLICANT FOR A LOAN GUARANTEE MUST PROVIDE; TO ESTABLISH A GRANT PROGRAM FOR COMMUNITY DEVELOPMENT CORPORATIONS; TO ESTABLISH A SPECIAL FUND IN THE STATE TREASURY DESIGNATED AS THE "COMMUNITY DEVELOPMENT GRANT FUND" FROM WHICH SUCH GRANTS SHALL BE MADE; TO PROVIDE THAT THE MDA SHALL ADMINISTER THE GRANT PROGRAM ESTABLISHED PURSUANT TO THIS ACT; TO PROVIDE THAT THE MDA SHALL ESTABLISH CRITERIA FOR AWARDING GRANTS AND THE AMOUNT OF SUCH GRANTS; TO CREATE AN INCOME TAX CREDIT FOR EACH NET NEW FULL-TIME JOB FOR CERTAIN BUSINESSES IN AREAS THAT ARE DESIGNATED BY THE FEDERAL GOVERNMENT AS EMPOWERMENT ZONES OR ENTERPRISE COMMUNITIES; TO AMEND SECTION 57-73-21, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE CRITERIA USED TO CLASSIFY AREAS AS TIER ONE, TIER TWO AND TIER THREE FOR PURPOSES OF THE JOB TAX CREDIT SHALL BE THE UNEMPLOYMENT RATES IN EACH COUNTY; TO INCREASE THE AMOUNT OF THE JOB TAX CREDIT FOR CERTAIN BUSINESSES IN TIER THREE AREAS FROM $2,000.00 TO $4,000.00 ANNUALLY FOR EACH NET NEW FULL-TIME EMPLOYEE JOB CREATED ON OR AFTER JULY 1, 2002; TO AMEND SECTION 57-1-303, MISSISSIPPI CODE OF 1972, TO REVISE THE INTEREST RATE ON LOANS MADE UNDER THE LOCAL GOVERNMENTS CAPITAL IMPROVEMENTS REVOLVING LOAN PROGRAM TO PROVIDE THAT THE INTEREST RATE ON SUCH LOANS SHALL NOT EXCEED 1% LESS THAN THE FEDERAL RESERVE DISCOUNT RATE; TO DECREASE THE PERIOD OF TIME WITHIN WHICH LOANS MADE UNDER THE LOCAL GOVERNMENTS CAPITAL IMPROVEMENTS REVOLVING LOAN PROGRAM MUST BE REPAID; TO AMEND SECTION 57-61-25, MISSISSIPPI CODE OF 1972, TO INCREASE FROM $254,750,000.00 TO $259,750,000.00 THE AGGREGATE AMOUNT OF BONDS THAT MAY BE ISSUED UNDER THE MISSISSIPPI BUSINESS INVESTMENT ACT; TO AMEND SECTION 57-61-34, MISSISSIPPI CODE OF 1972, TO INCREASE FROM $5,000,000.00 TO $8,000,000.00 THE AMOUNT OF BOND PROCEEDS THAT THE MISSISSIPPI DEVELOPMENT AUTHORITY MAY MAKE AVAILABLE AS INTEREST-BEARING LOANS TO AID IN THE ESTABLISHMENT OF BUSINESS INCUBATION CENTERS AND THE CREATION OF NEW AND EXPANDING TECHNOLOGY-BASED BUSINESS AND INDUSTRY; TO CREATE A NEW CODE SECTION TO BE CODIFIED AS SECTION 57-61-45, MISSISSIPPI CODE OF 1972, TO REQUIRE THAT NOT MORE THAN $2,000,000.00 OF CERTAIN BOND PROCEEDS BE UTILIZED FOR A GRANT TO PROVIDE FUNDS FOR THE COMMUNITY DEVELOPMENT GRANT FUND; AND FOR RELATED PURPOSES.
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2002/html/History/SB/SB2527.htm