Senate Bill 2947 - Mississippi Health Care Industry Zone Act

• Authorizes the Mississippi Development Authority (MDA) to certify health care industry zones in counties with more than 375 acute care hospital beds and within a five-mile radius of a hospital facility.

• Defines "health care industry facility" as businesses in pharmaceuticals, biologics, biotechnology, diagnostics, medical equipment manufacturing, medical product distribution, or laboratory testing that create a minimum of 25 new full-time jobs.

• Provides qualified businesses with accelerated 10-year state income tax depreciation, sales tax exemptions for construction materials and equipment, ad valorem tax exemptions, and fee-in-lieu of ad valorem tax options.

• Allows MDA to revoke health care industry zone certification after 5 years if the qualified business fails to create the required number of jobs, though revocation does not retroactively remove previously granted incentives.

• Sunset provision repeals the act effective July 1, 2022, with amendments to tax code sections becoming permanent; effective date is July 1, 2012.