House Bill 1

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 FLAT-ROLLED ALUMINUM PRODUCTION FACILITY, BIOCARBON PRODUCTION FACILITIES, AND CERTAIN OTHER INDUSTRIAL FACILITIES, AS WELL AS PORT IMPROVEMENT PROJECTS ASSOCIATED WITH THE FOREGOING; TO REVISE THE DEFINITION OF THE TERMS "PERSON", "PROJECT AREA" AND "AFFILIATE" UNDER THE MISSISSIPPI MAJOR ECONOMIC IMPACT ACT; TO AMEND SECTION 57-75-9, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT CONTRACTS BY THE MISSISSIPPI MAJOR ECONOMIC IMPACT AUTHORITY OR A PUBLIC AGENCY FOR CERTAIN CONTRACTS RELATED TO THE PROJECTS INCLUDED IN THIS ACT SHALL BE EXEMPT FROM ALL OR A PORTION OF THE PROVISIONS OF SECTION 31-7-13 AND THAT SUCH CONTRACTS MAY BE AWARDED ON THE BASIS OF NEGOTIATION UNDER CERTAIN CIRCUMSTANCES; 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 THE PROJECTS INCLUDED IN THIS ACT; TO AMEND SECTION 57-75-15, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS FOR THE PROJECTS INCLUDED IN THIS ACT AND TO SPECIFY THE PURPOSES FOR WHICH THE PROCEEDS OF SUCH BONDS MAY BE UTILIZED; TO AMEND SECTION 57-75-17, MISSISSIPPI CODE OF 1972, TO PROVIDE PROTECTION FOR CERTAIN ALUMINUM, BIOCARBON AND OTHER INDUSTRIAL PROJECTS, INCLUDING PORT-RELATED PROJECTS, FROM SURFACE OR SUBSURFACE MINERAL EXPLORATION ACTIVITIES; TO AMEND SECTION 57-75-33, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE BOARD OF SUPERVISORS OF A COUNTY MAY EACH ENTER INTO AN AGREEMENT WITH ONE OR MORE ENTERPRISES OWNING AND/OR OPERATING CERTAIN ALUMINUM, BIOCARBON AND CERTAIN OTHER INDUSTRIAL PROJECTS, INCLUDING PORT-RELATED PROJECTS, AND/OR ONE OR MORE AFFILIATES THEREOF, PROVIDING THAT THE COUNTY WILL NOT LEVY ANY TAXES, FEES OR ASSESSMENTS UPON THE ENTERPRISE OTHER THAN TAXES, FEES OR ASSESSMENTS THAT ARE GENERALLY LEVIED UPON ALL TAXPAYERS AND TO AUTHORIZE THE BOARD OF SUPERVISORS TO ENTER INTO A FEE-IN-LIEU OF AD VALOREM TAXES AGREEMENT WITH THE ENTERPRISES OWNING AND/OR OPERATING SUCH PROJECTS; TO AMEND SECTION 57-75-37, MISSISSIPPI CODE OF 1972, TO AUTHORIZE A COUNTY IN WHICH CERTAIN ALUMINUM, BIOCARBON AND OTHER INDUSTRIAL PROJECTS, INCLUDING PORT-RELATED PROJECTS, ARE LOCATED TO ASSIST THE ENTERPRISES ESTABLISHING THE PROJECTS, AND THEIR AFFILIATES, TOGETHER WITH CERTAIN PUBLIC AGENCIES, IN DEFRAYING CERTAIN COSTS; TO AUTHORIZE SUCH A COUNTY TO PROVIDE FUNDS FOR SUCH PURPOSES BY APPROPRIATING MONEY FROM ITS GENERAL FUND OR FROM THE PROCEEDS OF GENERAL OBLIGATION BONDS ISSUED BY THE COUNTY AND/OR LOANS FROM THE MISSISSIPPI MAJOR ECONOMIC IMPACT AUTHORITY OR MISSISSIPPI DEVELOPMENT AUTHORITY; TO AUTHORIZE CERTAIN PUBLIC AGENCIES TO PROVIDE FUNDS FOR SUCH PURPOSES BY APPROPRIATING MONEY FROM CERTAIN SOURCES, INCLUDING FROM THE PROCEEDS OF LOANS FROM THE MISSISSIPPI MAJOR ECONOMIC IMPACT AUTHORITY; TO AUTHORIZE CERTAIN TRANSFERS AND CONVEYANCES OF REAL OR PERSONAL PROPERTY WITH OR WITHOUT CONSIDERATION; TO AUTHORIZE CERTAIN PUBLIC AGENCIES TO MAKE GRANTS TO EACH OTHER IN CONNECTION WITH SUCH A PROJECT; TO EXEMPT THE ACQUISITION OF CERTAIN REAL PROPERTY AND/OR OPTIONS TO PURCHASE SUCH REAL PROPERTY FOR SUCH PROJECTS FROM CERTAIN REQUIREMENTS; TO AUTHORIZE CERTAIN PUBLIC AGENCIES TO PROVIDE PERIODIC GRANTS AND OTHER SUCH CONTRIBUTIONS OF FUNDS TO ASSIST THE ENTERPRISES ESTABLISHING THE PROJECTS INCLUDED IN THIS ACT AND TO ENTER INTO CERTAIN AGREEMENTS IN CONNECTION THEREWITH; TO AMEND SECTION 27-65-101, MISSISSIPPI CODE OF 1972, TO EXEMPT FROM SALES TAXATION CERTAIN SALES OR LEASES TO ENTERPRISES OPERATING THE PROJECTS INCLUDED IN THIS ACT AND CERTAIN AFFILIATES OF CERTAIN ALUMINUM, BIOCARBON AND OTHER INDUSTRIAL PROJECTS, INCLUDING CERTAIN PORT-RELATED PROJECTS; TO AMEND SECTION 31-19-25, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT CERTAIN PROVISIONS REGARDING THE ISSUANCE OF BONDS OR INCURRENCE OF OTHER INDEBTEDNESS SHALL NOT APPLY TO THE SALE OF BONDS OR INCURRENCE OF INDEBTEDNESS BY A COUNTY IN CONNECTION WITH CERTAIN ALUMINUM, BIOCARBON AND CERTAIN OTHER INDUSTRIAL PROJECTS, INCLUDING CERTAIN PORT-RELATED PROJECTS; TO AMEND SECTION 43-37-3, MISSISSIPPI CODE OF 1972, IN CONFORMITY TO THE PROVISIONS OF THIS ACT; TO AMEND SECTIONS 27-13-5 AND 27-13-7, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT IN REGARD TO CERTAIN ALUMINUM, BIOCARBON CERTAIN OTHER INDUSTRIAL PROJECTS, INCLUDING CERTAIN PORT-RELATED PROJECTS, THE DURATION OF ANY FEE-IN-LIEU OF FRANCHISE TAX AGREEMENT SHALL NOT EXTEND BEYOND THE DATE THE MISSISSIPPI FRANCHISE TAX IS REPEALED AND SUCH AGREEMENT SHALL APPLY ONLY TO NEW FRANCHISE TAX LIABILITY CONNECTED WITH THE PROJECTS INCLUDED IN THIS ACT; TO PROVIDE THAT IN THE EVENT THAT THE ANNUAL NUMBER OF FULL-TIME JOBS MAINTAINED CONNECTED WITH ANY SUCH PROJECT FALLS BELOW THE AGREED UPON AMOUNT FOR A PRESCRIBED PERIOD, THE FRANCHISE TAX FEE-IN-LIEU FOR THE PROJECT SHALL BE REDUCED OR SUSPENDED UNTIL THE FIRST TAX YEAR DURING WHICH THE ANNUAL NUMBER OF FULL-TIME JOBS MAINTAINED REACHES THE AGREED UPON AMOUNT; TO PROVIDE THAT THE ENTERPRISE CONNECTED WITH SUCH A PROJECT SHALL BE ENTITLED TO UTILIZE A SINGLE SALES APPORTIONMENT FACTOR IN THE CALCULATION OF ITS LIABILITY FOR FRANCHISE TAX WHICH IS ATTRIBUTABLE TO THE PROJECT FOR ANY YEAR FOR WHICH IT FILES A MISSISSIPPI FRANCHISE TAX RETURN; TO AMEND SECTION 19-9-5, MISSISSIPPI CODE OF 1972, IN CONFORMITY TO THE PROVISIONS OF THIS ACT; TO AMEND SECTION 89-1-23, MISSISSIPPI CODE OF 1972, IN CONFORMITY TO THE PROVISIONS OF THIS ACT; TO AUTHORIZE AND PROVIDE ANNUAL INCOME TAX CREDITS APPLICABLE TO MISSISSIPPI INCOME TAX LIABILITY FOR INCOME ARISING FROM THE PROJECTS INCLUDED IN THIS ACT; TO PROVIDE FOR THE DURATION OF THE ANNUAL INCOME TAX CREDITS; TO PROVIDE THAT IN REGARD TO CERTAIN ALUMINUM, BIOCARBON AND CERTAIN OTHER INDUSTRIAL PROJECTS, INCLUDING CERTAIN PORT-RELATED PROJECTS, IN THE EVENT THE ANNUAL FULL-TIME JOBS MAINTAINED FALLS BELOW A CERTAIN AMOUNT, THE ANNUAL TAX CREDIT AMOUNT SHALL BE REDUCED OR SUSPENDED UNTIL THE FIRST TAX YEAR DURING WHICH THE ANNUAL NUMBER OF FULL-TIME JOBS IS ABOVE THAT AMOUNT; TO PROVIDE THAT THE ENTERPRISES OPERATING CERTAIN ALUMINUM, BIOCARBON AND CERTAIN OTHER INDUSTRIAL PROJECTS, INCLUDING CERTAIN PORT-RELATED PROJECTS, AS WELL AS CERTAIN AFFILIATES THEREOF, SHALL BE ENTITLED TO UTILIZE A SINGLE SALES APPORTIONMENT FACTOR IN THE CALCULATION OF ITS LIABILITY FOR INCOME TAX FOR ANY YEAR FOR WHICH IT FILES A MISSISSIPPI INCOME TAX RETURN; TO AMEND SECTION 61-3-19, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE SALE, LEASE OR DISPOSAL OF AIRPORT AUTHORITY PROPERTY FOR USE IN CERTAIN PROJECTS INCLUDED IN THIS ACT; REQUIRING THAT SUCH PROPERTY BE SOLD FOR THE APPRAISED FAIR MARKET VALUE THEREOF; AND PERMITTING, IN THE ALTERNATIVE, A LEASE OF AIRPORT AUTHORITY PROPERTY FOR USE IN CERTAIN FLAT-ROLLED ALUMINUM PRODUCTIONS FACILITIES FOR A TERM OF UP TO NINETY-NINE YEARS PROVIDED THAT THE RENT FOR THE PROPERTY EQUALS OR EXCEEDS THE APPRAISED FAIR MARKET RENTAL AMOUNT; AND FOR RELATED PURPOSES.

In the House of Representatives

• John Thomas "Trey" Lamar, III

  Sponsor

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

In the House of Representatives Nov 2

1. Nov 2Referred to the House committee on Ways and Means
2. Reported from committee in the House: title sufficient, do pass
3. Passed the House

In the Senate Nov 2

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

To the Governor Nov 2 – Nov 17

1. Nov 2Released in the Senate to be sent on at once
2. Returned to the House for enrolling
3. Nov 3Enrolled bill signed in the House
4. Enrolled bill signed in the Senate
5. Nov 17Approved by the Governor