HB 1689 Summary

• Provides 10-year exemptions from sales/use tax, income tax, and franchise tax for clean energy manufacturing facilities with minimum $50 million capital investment and 250 new jobs, or aerospace industry facilities with minimum $30 million capital investment and 100 new jobs.

• Requires businesses to apply to Mississippi Development Authority before construction and enter into agreement documenting performance requirements, including maintenance of minimum job creation.

• Exempts eligible businesses from sales/use tax on component building materials, equipment for facility construction/expansion, and leased machinery/equipment used in initial construction.

• Allows MDA to extend exemption period up to two additional years for businesses in Governor-declared disaster areas unable to meet initial requirements due to the disaster.

• Becomes effective July 1, 2010, and amends Mississippi Code sections related to income tax exemptions, franchise tax, and sales/use tax.