MS SB2985

Amends the Mississippi Advantage Jobs Act to change internal references from "State Tax Commission" to "Department of Revenue" throughout the statute.

Revises legislative intent to clarify that incentive payments shall be directly related to jobs created and that the Mississippi Development Authority has sole discretion in offering incentives.

For businesses applying on or after July 1, 2010, simplifies qualified business definitions to two categories: data/information processing enterprises requiring 200 new jobs at 100% of average wage, or other entities requiring 25 new jobs at 110% of average wage.

Changes incentive payment calculation for businesses applying after July 1, 2010 from a net benefit rate (not exceeding 4% of gross payroll) to 90% of actual income tax withheld for new direct jobs, capped at 4% of total annual salary.

Eliminates cost/benefit analysis requirements for businesses applying after July 1, 2010, replacing them with a simpler analysis to estimate gross payroll and requiring execution of performance agreements; takes effect July 1, 2010.