Bill
Bill > HB1431
MS HB1431
MS HB1431Tax exemptions; revise requirements that a business enterprise in the aerospace industry must meet to be eligible for.
summary
Introduced
01/21/2019
01/21/2019
In Committee
02/26/2019
02/26/2019
Crossed Over
02/20/2019
02/20/2019
Passed
03/21/2019
03/21/2019
Dead
Signed/Enacted/Adopted
03/28/2019
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)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
Loading...