House Bill 683

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 INCLUDE CERTAIN EXISTING TIRE MANUFACTURING PLANTS; TO AMEND SECTION 57-75-11, MISSISSIPPI CODE OF 1972, TO GRANT THE MISSISSIPPI MAJOR ECONOMIC IMPACT AUTHORITY CERTAIN ADDITIONAL POWERS AND DUTIES WITH REGARD TO SUCH PROJECTS; TO AMEND SECTION 57-75-15, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS FOR SUCH PROJECTS AND TO SPECIFY THE PURPOSES FOR WHICH THE PROCEEDS OF SUCH BONDS MAY BE UTILIZED; TO EXTEND UNTIL JULY 1, 2011, THE PERIOD OF TIME DURING WHICH BONDS FOR A CERTAIN PROJECT MAY BE ISSUED; TO PROVIDE FOR INCENTIVE PAYMENTS TO QUALIFIED BUSINESSES FOR A PERIOD OF NOT TO EXCEED 10 YEARS; TO PROVIDE FOR THE AMOUNT OF THE INCENTIVE PAYMENTS; TO PROVIDE THAT THE PAYMENTS SHALL BE BASED ON THE WAGES AND TAXABLE BENEFITS OR THE AMOUNT OF STATE INCOME TAX WITHHELD FOR QUALIFIED JOBS; TO PROVIDE THAT IN ORDER TO QUALIFY FOR SUCH PAYMENTS, A CERTAIN NUMBER OF JOBS MUST BE MAINTAINED; TO CREATE A SPECIAL FUND IN THE STATE TREASURY INTO WHICH SHALL BE DEPOSITED A CERTAIN PORTION OF THE WITHHOLDING TAXES PAID BY THE QUALIFIED BUSINESS; TO PROVIDE THAT MONIES IN THE SPECIAL FUND SHALL BE USED TO MAKE THE REQUIRED INCENTIVE PAYMENTS; TO PROVIDE THAT CLAIMS FOR INCENTIVE PAYMENTS SHALL BE FILED WITH THE STATE TAX COMMISSION; TO PROVIDE THAT THE STATE TAX COMMISSION SHALL VERIFY THE ELIGIBILITY OF THE BUSINESS FOR THE INCENTIVE PAYMENTS; TO AMEND SECTION 27-7-312, MISSISSIPPI CODE OF 1972, IN CONFORMITY THERETO; AND FOR RELATED PURPOSES.

In the House of Representatives

• Percy W. Watson

  Sponsor

l9n doesn't hold this bill's text yet.

In the House of Representatives Jan 15 – Feb 25

1. Jan 15Referred to the House committee on Ways and Means
2. Feb 25Died in committee in the House