MS HB1538

Mississippi Development Authority may grant franchise tax exemptions for up to 10 years to businesses approved for loans or grants from the Mississippi Industry Incentive Financing Revolving Fund

Businesses investing at least $20,000,000 in buildings and equipment and creating a minimum of 50 new full-time jobs may receive franchise tax exemptions for up to 10 years, with the exemption forfeited if employment falls below 50 during that period

Sales tax exemptions authorized for component materials used in facility construction and for machinery/equipment purchases or leases within 3 months of construction completion for businesses receiving Industry Incentive Financing Revolving Fund grants or loans

The Mississippi Development Authority must authorize the sales tax exemption through an agreement with the approved business enterprise

Effective date: July 1, 2012