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MS HB1255
Bill
Status
4/11/2012
Primary Sponsor
Jeffrey Smith
Click for details
AI Summary
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Authorizes county boards of supervisors and municipal governing authorities to enter into binding agreements with economic development projects for periods up to 20 years.
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Allows agreements to provide water, sewer, and other county or municipal services to economic development projects.
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Permits agreements where local authorities pre-approve ad valorem tax exemptions for up to 10 years for qualified economic development projects.
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Defines "economic development project" as any project where Mississippi has committed state or federal program funds to incentivize business location, expansion, or job creation.
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Makes such agreements binding on future boards of supervisors and governing authorities, preventing future repudiation of the terms.
Legislative Description
Economic development; certain agreements by counties and cities with economic development projects may be binding not more than 20 years.
Last Action
Due From Governor 04/17/12
4/11/2012