House Bill 1700

AN ACT TO PROVIDE THAT CERTAIN BUSINESS ENTERPRISES THAT LOCATE OR EXPAND IN THIS STATE THAT OWN OR OPERATE A FACILITY FOR THE MANUFACTURE OR ASSEMBLY OF SYSTEMS OR COMPONENTS USED IN THE GENERATION OF CLEAN ENERGY, OR OWN OR OPERATE A FACILITY THAT MANUFACTURES OR ASSEMBLES PRODUCTS FOR THE AEROSPACE INDUSTRY OR PROVIDES RESEARCH AND DEVELOPMENT OR TRAINING SERVICES IN THE AEROSPACE INDUSTRY, SHALL BE EXEMPT FOR A PERIOD OF TEN YEARS FROM ANY SALES AND USE TAX RELATED TO THE PURCHASE OF COMPONENT BUILDING MATERIALS AND EQUIPMENT FOR INITIAL CONSTRUCTION OF FACILITIES OR EXPANSION OF FACILITIES, ALL INCOME TAX IMPOSED ON INCOME EARNED BY THE BUSINESS ENTERPRISE, FRANCHISE TAX IMPOSED ON THE BUSINESS ENTERPRISE AND ANY SALES AND USE TAX IMPOSED ON THE LEASE OF MACHINERY AND EQUIPMENT ACQUIRED IN THE INITIAL CONSTRUCTION TO ESTABLISH THE FACILITY OR FOR AN EXPANSION OF A FACILITY; TO PROVIDE THAT CERTAIN BUSINESS ENTERPRISES THAT OPERATE DATA CENTERS IN THIS STATE SHALL BE EXEMPT FROM ANY SALES AND USE TAX IMPOSED ON THE BUSINESS ENTERPRISE FOR THE PURCHASE OF COMPONENT BUILDING MATERIALS AND EQUIPMENT FOR INITIAL CONSTRUCTION OF FACILITIES OR EXPANSION OF FACILITIES, AND ANY SALES AND USE TAX IMPOSED ON THE PURCHASE OF REPLACEMENT HARDWARE, SOFTWARE OR OTHER NECESSARY TECHNOLOGY TO OPERATE A DATA CENTER; TO PROVIDE THAT APPLICATIONS FOR THE TAX EXEMPTIONS SHALL BE MADE TO THE MISSISSIPPI DEVELOPMENT AUTHORITY; TO PROVIDE FOR THE MINIMUM CONTENTS OF THE APPLICATION; TO PROVIDE CERTAIN CONDITIONS THAT APPLY TO THE EXEMPTIONS; TO AMEND SECTIONS 27-7-21, 27-13-5, 27-13-7 AND 27-65-101, MISSISSIPPI CODE OF 1972, IN CONFORMITY THERETO; TO CREATE THE MISSISSIPPI INDUSTRY INCENTIVE FINANCING FUND TO PROVIDE LOANS OR GRANTS TO LOCAL GOVERNMENTS AND CERTAIN BUSINESS ENTERPRISES TO CONSTRUCT OR OTHERWISE PROVIDE CERTAIN FACILITIES; TO PROVIDE THAT THE FUND SHALL BE ADMINISTERED BY THE MISSISSIPPI DEVELOPMENT AUTHORITY; TO PROVIDE THAT LOCAL GOVERNMENTS AND BUSINESS ENTERPRISES DESIRING A LOAN OR A GRANT MUST SUBMIT AN APPLICATION TO THE MISSISSIPPI DEVELOPMENT AUTHORITY; TO PROVIDE FOR THE MINIMUM CONTENT OF SUCH APPLICATIONS; TO AUTHORIZE THE ISSUANCE OF GENERAL OBLIGATION BONDS IN THE AMOUNT OF $100,000,000.00 TO PROVIDE FUNDS FOR THE MISSISSIPPI INDUSTRY INCENTIVE FINANCING FUND; TO AMEND SECTION 57-61-25, MISSISSIPPI CODE OF 1972, TO INCREASE FROM $316,000,000.00 TO $321,000,000.00 THE AMOUNT OF GENERAL OBLIGATION BONDS THAT MAY BE ISSUED UNDER THE MISSISSIPPI BUSINESS INVESTMENT ACT; TO AMEND SECTION 57-61-27, MISSISSIPPI CODE OF 1972, TO REVISE CERTAIN LANGUAGE PROVIDING FOR THE ISSUANCE OF BONDS UNDER THE MISSISSIPPI BUSINESS INVESTMENT ACT; TO AMEND SECTION 57-61-36, MISSISSIPPI CODE OF 1972, TO INCREASE FROM $27,500,000.00 TO $32,500,000.00 THE AMOUNT OF BOND PROCEEDS THAT THE MISSISSIPPI DEVELOPMENT AUTHORITY MAY UTILIZE UNDER THE MISSISSIPPI BUSINESS INVESTMENT ACT TO MAKE LOANS OR GRANTS TO COUNTIES AND MUNICIPALITIES THROUGH AN EQUIPMENT AND PUBLIC FACILITIES GRANT AND LOAN FUND TO AID IN INFRASTRUCTURE-RELATED IMPROVEMENTS, THE PURCHASE OF EQUIPMENT AND IN THE PURCHASE, CONSTRUCTION OR REPAIR AND RENOVATION OF PUBLIC FACILITIES; TO AUTHORIZE THE ISSUANCE OF $2,000,000.00 IN STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS FOR THE MISSISSIPPI RURAL IMPACT FUND; TO AMEND SECTIONS 57-62-3, 57-62-5, 57-62-9, 57-62-11, 57-62-13 AND 57-62-15, MISSISSIPPI CODE OF 1972, TO REVISE CERTAIN LEGISLATIVE INTENT PROVISIONS REGARDING THE MISSISSIPPI ADVANTAGE JOBS ACT; TO REVISE CERTAIN DEFINITIONS AND PROVISIONS REGARDING INCENTIVE PAYMENTS MADE TO QUALIFIED BUSINESSES UNDER THE MISSISSIPPI ADVANTAGE JOBS ACT; TO CHANGE INTERNAL REFERENCES REGARDING THE STATE TAX COMMISSION AND DEPARTMENT OF REVENUE; 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 Feb 22 – Feb 24

1. Feb 22Referred to the House committee on Ways and Means
2. Feb 24Died in committee in the House