MS SB2953

Mississippi Development Authority (MDA) 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; exemption is lost if employment drops below 50 during the period

Sales tax exemptions authorized for component materials used in construction and machinery/equipment purchases (within 3 months of project completion) for businesses receiving Industry Incentive Financing Revolving Fund grants or loans, if MDA authorizes the exemption in an agreement

Applies to both domestic and foreign corporations operating in Mississippi

Effective date: July 1, 2012