HB 1700 Summary

• Authorizes 10-year state tax exemptions for clean energy and aerospace manufacturing businesses meeting minimum capital investment ($30-50 million) and job creation (100-250 jobs) requirements, including exemptions from income tax, franchise tax, and sales/use tax on equipment and materials.

• Establishes tax exemptions for data center businesses with minimum $50 million capital investment and 50 new jobs at 150% of average state wage, exempting them from sales and use taxes on construction materials and replacement technology.

• Creates the Mississippi Industry Incentive Financing Revolving Fund authorized to issue up to $100 million in general obligation bonds to provide loans or grants to local governments and approved business enterprises for facility construction and infrastructure improvements.

• Increases authorized bonding for the Mississippi Business Investment Act from $316 million to $321 million and increases equipment/facility grant and loan fund allocation from $27.5 million to $32.5 million.

• Authorizes $2 million in general obligation bonds for the Mississippi Rural Impact Fund and revises the Mississippi Advantage Jobs Act to streamline definitions and administrative procedures for qualified business incentive payments.