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Bill > HB627

MS HB627

MS HB627
Mississippi Flexible Tax Incentive Act; create.

summary

Introduced
01/14/2022
In Committee
01/14/2022
Crossed Over
Passed
Dead
02/23/2022

Introduced Session

2022 Regular Session

Bill Summary

An Act To Create The "mississippi Flexible Tax Incentive Act"; To Define Terms; To Establish Requirements And Standards For Application To The Mississippi Development Authority For Certification And Award Of The Mississippi Flexible Tax Incentive; To Establish Requirements And Standards For The Certification And Award Of The Mississippi Flexible Tax Incentive By The Mississippi Development Authority To A Qualified Business Or Industry For A Qualified Economic Development Project; To Prescribe The Means Of Calculating And Applying Such Incentive; To Prohibit Utilization Of Certain Other Incentives In Combination With The Mississippi Flexible Tax Incentive; To Establish Requirements And Standards For Annual Reporting By A Qualified Business Or Industry, Modifications To Prior Incentive Awards By The Mississippi Development Authority And Deadlines For The Utilization Of Such Incentive; To Authorize Audits By The Mississippi Department Of Revenue And Sharing Of Certain Information About Certain Incentive Awardees Between State Agencies; To Clarify That The Mississippi Development Authority Is Granted Exclusive Jurisdiction To Certify, Award And Make Any Adjustments To A Mississippi Flexible Tax Incentive For A Qualified Business Or Industry; To Authorize The Mississippi Development Authority And The Mississippi Department Of Revenue To Promulgate Rules And Regulations Necessary To Implement This Act; To Amend Section 27-7-22, Mississippi Code Of 1972, To Authorize The Application Of A Mississippi Flexible Tax Incentive As A Credit To Offset State Income Tax Liability; To Amend Section 27-7-309, Mississippi Code Of 1972, To Authorize The Application Of A Mississippi Flexible Tax Incentive As A Credit To Offset Withholding Tax Liability; To Amend Section 27-7-311, Mississippi Code Of 1972, To Exclude Any Mississippi Flexible Tax Incentive Applied As A Credit To Offset State Income Tax Liability From The Annual Statement Required To Be Filed With The Commissioner Of Revenue For An Employee; To Amend Section 27-13-5, Mississippi Code Of 1972, To Authorize The Application Of A Mississippi Flexible Tax Incentive As A Credit To Offset Franchise Tax Liability Of Mississippi Corporations; To Amend Section 27-13-7, Mississippi Code Of 1972, To Authorize The Application Of A Mississippi Flexible Tax Incentive As A Credit To Offset Franchise Tax Liability Of Foreign Corporations; To Amend Section 27-65-93, Mississippi Code Of 1972, To Require The Department Of Revenue To Issue A Direct Pay Permit To A Qualified Business Or Industry That Is Awarded A Mississippi Flexible Tax Incentive By The Mississippi Development Authority; To Amend Section 27-67-17, Mississippi Code Of 1972, To Authorize The Application Of A Mississippi Flexible Tax Incentive As A Credit To Offset State Use Tax Liability; To Amend Section 57-1-14, Mississippi Code Of 1972, To Delay Or Preclude Certain Information Provided In Applications And Annual Reports For The Mississippi Flexible Tax Incentive From Disclosure Pursuant To The Mississippi Public Records Act Of 1983; And For Related Purposes.

AI Summary

This bill creates the "Mississippi Flexible Tax Incentive Act" (mFlex) which allows the Mississippi Development Authority to certify certain businesses and projects as eligible for a new tax incentive program. The key provisions of the bill include: - Defining the types of eligible businesses and projects that can qualify for the mFlex incentive, such as manufacturing, warehousing, research and development, and technology enterprises. - Establishing an application process for businesses to apply for the mFlex incentive, which requires disclosing details like investment amounts, job creation plans, and average wages. - Authorizing the Mississippi Development Authority to award mFlex incentives to qualified businesses, which can be used as a credit against various state taxes including income, franchise, withholding, and sales/use taxes. - Requiring annual reporting from qualified businesses to demonstrate they are meeting performance requirements, and allowing the Authority to adjust or recapture incentives if requirements are not met. - Prohibiting qualified businesses from also claiming certain other state tax credits and incentives in combination with the mFlex incentive. - Providing confidentiality protections for certain information submitted by businesses as part of the mFlex program. Overall, the bill aims to provide a flexible tax incentive tool to support economic development projects in Mississippi that meet minimum investment and job creation thresholds.

Committee Categories

Budget and Finance

Sponsors (1)

Last Action

Died In Committee (on 02/23/2022)

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