Bill

Bill > HB1431


MS HB1431

MS HB1431
Tax exemptions; revise requirements that a business enterprise in the aerospace industry must meet to be eligible for.


summary

Introduced
01/21/2019
In Committee
02/26/2019
Crossed Over
02/20/2019
Passed
03/21/2019
Dead
Signed/Enacted/Adopted
03/28/2019

Introduced Session

2019 Regular Session

Bill Summary

An Act To Amend Section 57-113-1, Mississippi Code Of 1972, To Revise The Definition Of The Term "business Enterprise" For The Purpose Of Eligibility Of Aerospace Industries For Certain Tax Exemptions By Expanding The Operations Qualifying An Entity To Be Included In Such Definition, By Reducing The Minimum Capital Investment And Number Of Jobs Created Necessary For An Aerospace Enterprise To Be Included In Such Definition, And By Requiring The New Jobs Created To Provide A Certain Average Annual Salary; To Expand The Definition Of The Term "aerospace Industry"; And For Related Purposes.

AI Summary

This bill revises the requirements for a business enterprise in the aerospace industry to be eligible for certain tax exemptions in Mississippi. It expands the definition of "business enterprise" to include facilities that manufacture, assemble, or process products, components, or systems for the aerospace industry, or provide research and development or training services in the aerospace industry. The minimum capital investment requirement is reduced from $30 million to $25 million, and the minimum new job creation is reduced from 100 to 25, as long as the new jobs provide an average annual salary of at least 110% of the state or county average annual wage, whichever is less. The bill also expands the definition of "aerospace industry" to include the research, design, manufacture, repair, operation, and maintenance of products, components, and systems that enable vehicles to move through air and space.

Committee Categories

Budget and Finance

Sponsors (4)

Last Action

Approved by Governor (on 03/28/2019)

bill text


bill summary

Loading...

bill summary

Loading...
Loading...