Bill Text | History of Actions | Background | Title |
Description: Major Economic Impact Act; revise definition of "project," authorize issuance of bonds, provide tax incentives/certain projects.
Bill Text: [Introduced]
| 1 | 02/22 (S) Referred To Finance | |
| 2 | 02/23 (S) Died In Committee |
| Effective date | ** See Text | |
| Disposition | Dead | |
| Deadline | Revenue | |
| Revenue | Yes | |
| Vote type required | Three/Fifths |
Senate Committee:
Principal Author: Brown
Code Sections: A 057-0075-0005, A 057-0075-0011, A 057-0075-0015, A 027-0065-0101, A 027-0067-0007, A 019-0007-0003, A 019-0009-0001, A 019-0009-0005
Title: AN ACT 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 SECTION 57-75-11, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE MISSISSIPPI MAJOR ECONOMIC IMPACT AUTHORITY TO PROVIDE GRANT AND LOAN FUNDS TO ENTERPRISES OWNING OR OPERATING CERTAIN PROJECTS UNDER THE MISSISSIPPI MAJOR ECONOMIC IMPACT ACT; TO AMEND SECTION 57-75-15, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE ISSUANCE OF BONDS FOR CERTAIN PROJECTS UNDER THE MISSISSIPPI MAJOR ECONOMIC IMPACT ACT; TO AMEND SECTION 27-65-101, MISSISSIPPI CODE OF 1972, TO EXEMPT FROM SALES TAXATION SALES TO AN ENTERPRISE OWNING OR OPERATING CERTAIN PROJECTS DEFINED UNDER THE MISSISSIPPI MAJOR ECONOMIC IMPACT ACT OF MACHINERY AND CERTAIN SPECIAL TOOLS OR REPAIR PARTS THEREFOR, FUEL AND SUPPLIES USED DIRECTLY IN THE MANUFACTURING/PRODUCTION OPERATIONS OF THE PROJECT; TO EXEMPT FROM SALES TAXATION THE SALE OF MATERIALS, MACHINERY AND EQUIPMENT USED IN THE CONSTRUCTION OF A BUILDING, OR AN ADDITION OR IMPROVEMENT THEREON TO AN ENTERPRISE OWNING OR OPERATING CERTAIN PROJECTS DEFINED UNDER THE MISSISSIPPI MAJOR ECONOMIC IMPACT ACT; TO AMEND SECTION 27-67-7, MISSISSIPPI CODE OF 1972, TO EXEMPT FROM USE TAXATION THE USE, STORAGE OR CONSUMPTION OF UTILITIES PURCHASED BY AND ENTERPRISE OWNING OR OPERATING CERTAIN PROJECTS DEFINED UNDER THE MISSISSIPPI MAJOR ECONOMIC IMPACT ACT; TO PROVIDE AN INCOME TAX CREDIT IN THE AMOUNT OF $5,000.00 FOR EACH NET NEW FULL-TIME EMPLOYEE JOB CREATED BY AN ENTERPRISE OWNING OR OPERATING CERTAIN PROJECTS DEFINED UNDER THE MISSISSIPPI MAJOR ECONOMIC IMPACT ACT; TO PROVIDE THAT THE ENTERPRISE MAY UTILIZE THE CREDIT FOR A PERIOD OF TEN YEARS FROM THE DATE THE CREDIT COMMENCES; TO PROVIDE THAT THE ENTERPRISE MAY SELECT THE COMMENCEMENT DATE BUT THE COMMENCEMENT DATE MAY NOT BE MORE THAN TWO YEARS FROM THE DATE THE PROJECT BEGINS OPERATION; TO PROVIDE THAT ANY SUCH CREDIT CLAIMED BUT NOT USED IN A TAXABLE YEAR MAY BE CARRIED FORWARD; TO PROVIDE AN INCOME TAX CREDIT FOR AN ENTERPRISE OWNING OR OPERATING CERTAIN PROJECTS DEFINED UNDER THE MISSISSIPPI MAJOR ECONOMIC IMPACT ACT IN AN AMOUNT EQUAL TO A PERCENTAGE OF THE ENTERPRISE'S INVESTMENT IN EXCESS OF $400,000,000.00 IN THE INITIAL ESTABLISHMENT OF THE PROJECT; TO PROVIDE THAT ANY SUCH CREDIT CLAIMED BUT NOT USED IN A TAXABLE YEAR MAY BE CARRIED FORWARD FOR TEN YEARS; TO PROVIDE FOR THE RECAPTURE OF THE CREDIT UNDER CERTAIN CIRCUMSTANCES; TO AUTHORIZE CERTAIN COUNTIES TO CONTRIBUTE OR LEND FUNDS TO ENTERPRISES OWNING OR OPERATING CERTAIN PROJECTS UNDER THE MISSISSIPPI MAJOR ECONOMIC IMPACT ACT; TO PROVIDE THAT A COUNTY MAY ISSUE BONDS TO PROVIDE FUNDS FOR SUCH PURPOSES AND THAT THE BONDS WILL BE EXCLUDED FROM THE COUNTY DEBT LIMITATION; TO PROVIDE THAT A COUNTY MAY DONATE PROPERTY FOR USE IN THE LOCATION, CONSTRUCTION AND/OR OPERATION OF SUCH A PROJECT TO ENTITIES ENGAGED IN ECONOMIC DEVELOPMENT; TO AMEND SECTIONS 19-7-3, 19-9-1 AND 19-9-5, MISSISSIPPI CODE OF 1972, IN CONFORMITY THERETO; AND FOR RELATED PURPOSES.
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