HB 1537 Summary

• Creates the Mississippi Health Care Industry Zone Act allowing the Mississippi Development Authority to certify health care industry zones in areas within a five-mile radius of hospitals with 375+ acute care beds or a $250 million capital investment hospital (construction completed before July 1, 2017).

• Qualifies health care industry facilities (those creating 25+ new full-time jobs and/or $10 million capital investment after July 1, 2012) for accelerated 10-year state income tax depreciation, sales tax exemptions on construction materials and equipment, ad valorem tax exemptions, and fee-in-lieu of ad valorem taxes.

• Authorizes county boards of supervisors and municipal authorities to grant ad valorem tax exemptions to health care industry facilities and fee-in-lieu of taxes to qualified businesses meeting criteria established by the Mississippi Development Authority.

• Exempts from sales taxation materials used in construction of health care industry facilities and machinery/equipment purchased within three months after construction completion for qualified businesses.

• Allows the Mississippi Development Authority to revoke health care industry zone certification after five years if the qualified business fails to create required jobs, though revocation does not retroactively remove previously granted incentives; all provisions expire July 1, 2022.