Bill > HB1383

This bill amends the Economic Development Highway Act in Mississippi to revise the definition of a "high economic benefit project." The key provisions are: 1. It adds a new category to the definition of "high economic benefit project" to include new investments of at least $15 million by a private company to establish a private regional or national headquarters, provided the investment results in the creation of at least 100 new jobs with an average annual salary of at least 150% of the state or county average annual wage. 2. It clarifies that a mixed-use development with no more than 20% of the square footage dedicated to retail space is not prohibited from receiving monies as a "high economic benefit project." 3. It allows the Mississippi Development Authority to reallocate previously approved funds for a "high economic benefit project" to construct or improve another highway or highway segment within 3 miles of the original project. The goal of these changes is to expand the types of projects eligible for economic development highway funding, particularly those that involve significant new private investment and job creation, while also providing more flexibility in how the funds can be used.

Business and Industry, Transportation and Infrastructure

http://billstatus.ls.state.ms.us/2020/pdf/history/HB/HB1383.xml