Senate Bill 2001

AN ACT TO AMEND SECTION 25, CHAPTER 533, LAWS OF 2010, AS LAST AMENDED BY SECTION 6, CHAPTER 480, LAWS OF 2011, TO INCREASE BY $175,000,000.00 THE AMOUNT OF BONDS AUTHORIZED TO BE ISSUED FOR THE MISSISSIPPI INDUSTRY INCENTIVE FINANCING REVOLVING FUND; TO AMEND SECTION 57-1-221, MISSISSIPPI CODE OF 1972, TO CLARIFY THE TERM "LOCAL GOVERNMENTS" UNDER THE MISSISSIPPI INDUSTRY INCENTIVE FINANCING REVOLVING FUND PROGRAM AND TO AUTHORIZE LOCAL GOVERNMENTS TO SELL, LEASE OR OTHERWISE DISPOSE OF A PROJECT DEFINED UNDER THE MISSISSIPPI INDUSTRY INCENTIVE FINANCING REVOLVING FUND PROGRAM OR ANY PROPERTY RELATED TO SUCH PROJECT IN WHOLE OR IN PART; TO AMEND SECTION 57-62-5, MISSISSIPPI CODE OF 1972, TO EXPAND THE DEFINITION OF THE TERM "QUALIFIED BUSINESS OR INDUSTRY" UNDER THE MISSISSIPPI ADVANTAGE JOBS ACT TO INCLUDE A CORPORATION, LIMITED LIABILITY COMPANY, PARTNERSHIP, SOLE PROPRIETORSHIP, BUSINESS TRUST OR OTHER LEGAL ENTITY AND SUBUNITS OR AFFILIATES THEREOF WHICH IS A MANUFACTURER THAT PROVIDES AN AVERAGE ANNUAL SALARY, EXCLUDING BENEFITS WHICH ARE NOT SUBJECT TO MISSISSIPPI INCOME TAXES, OF AT LEAST 110% OF THE MOST RECENTLY PUBLISHED STATE AVERAGE ANNUAL WAGE OR THE MOST RECENTLY PUBLISHED AVERAGE ANNUAL WAGE OF THE COUNTY IN WHICH THE QUALIFIED BUSINESS OR INDUSTRY IS LOCATED, WHICHEVER IS THE LESSER, THAT HAS A MINIMUM OF 5,000 EXISTING EMPLOYEES AS OF THE LAST DAY OF A CALENDAR YEAR, AND THAT THE MISSISSIPPI DEVELOPMENT AUTHORITY DETERMINES WILL CREATE NOT LESS THAN 3,000 NEW DIRECT JOBS WITHIN 48 MONTHS OF THE DATE THE MDA DETERMINES THAT THE APPLICANT IS QUALIFIED TO RECEIVE INCENTIVE PAYMENTS UNDER THE ACT; TO AMEND SECTION 57-62-9, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT SUCH A QUALIFIED BUSINESS OR INDUSTRY MAY ELECT THE DATE UPON WHICH THE TEN-YEAR INCENTIVE PAYMENT WILL BEGIN AND BEGIN RECEIVING INCENTIVE PAYMENTS AS EARLY AS THE SECOND QUARTER AFTER THAT DATE; TO PROVIDE THAT SUCH INCENTIVE PAYMENTS WILL BE CALCULATED ON ALL JOBS ABOVE THE EXISTING NUMBER OF JOBS AS OF THE DATE THE MDA DETERMINES THAT THE APPLICANT IS QUALIFIED TO RECEIVE INCENTIVE PAYMENTS; TO PROVIDE THAT IN THE EVENT THAT SUCH A QUALIFIED BUSINESS OR INDUSTRY FALLS BELOW THE NUMBER OF EXISTING JOBS AT THE TIME OF DETERMINATION THAT THE APPLICANT IS QUALIFIED TO RECEIVE THE INCENTIVE PAYMENT, THE INCENTIVE PAYMENT SHALL CEASE UNTIL THE QUALIFIED BUSINESS OR INDUSTRY ONCE AGAIN EXCEEDS THAT NUMBER; TO PROVIDE THAT IF AFTER 48 MONTHS, THE QUALIFIED BUSINESS OR INDUSTRY HAS FAILED TO CREATE AT LEAST 3,000 JOBS, INCENTIVE PAYMENTS SHALL CEASE AND THE QUALIFIED BUSINESS OR INDUSTRY SHALL NOT BE QUALIFIED TO RECEIVE FURTHER INCENTIVE PAYMENTS; TO AMEND SECTION 57-62-13, MISSISSIPPI CODE OF 1972, IN CONFORMITY THERETO; AND FOR RELATED PURPOSES.

In the Senate

• Dean Kirby

  Sponsor

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

In the Senate Sep 2

1. Sep 2Referred to the Senate committee on Finance
2. Reported from committee in the Senate: title sufficient, do pass
3. Passed the Senate

In the House of Representatives Sep 2

1. Sep 2Released in the Senate to be sent on at once
2. Sent to the House
3. Referred to the House committee on Ways and Means
4. Reported from committee in the House: title sufficient, do pass
5. Passed the House

To the Governor Sep 2 – Sep 7

1. Sep 2Returned to the Senate for enrolling
2. Sep 6Enrolled bill signed in the Senate
3. Enrolled bill signed in the House
4. Sep 7Approved by the Governor