Bill > SB3168

This bill updates Mississippi's tax exemption laws for data center enterprises by revising several key definitions and provisions. The bill introduces new definitions for terms like "blockchain," "digital asset," and "digital asset mining," while modifying the definition of "business enterprise" to require higher capital investment thresholds for new data centers (at least $250 million) and lower thresholds for expansions (at least $100 million). The legislation establishes that data center enterprises can now automatically qualify for up to two ten-year tax exemption extensions for qualifying additions or expansions. The bill also provides a 60-day window for businesses to remedy any tax law noncompliance discovered during an audit before losing their tax-exempt status. Additionally, the bill expands the definition of "state tax" to include taxes on electricity purchases and removes some previous application requirements like pro forma financial statements. For new data centers, businesses must still create at least 35 new full-time jobs with an average annual salary 125% above the state's average wage. Businesses seeking tax exemption extensions for data center expansions will now apply directly to the Department of Revenue. The bill is set to take effect on July 1, 2025, and will be repealed on June 30, 2025.