HB 473 Summary

• Authorizes the Department of Audit to conduct performance, compliance, and monitoring audits of state-funded economic development projects under Title 57 of Mississippi Code or as requested by the Governor, Legislature, or Department of Revenue.

• Grants the State Auditor authority to audit qualified businesses under the Mississippi Advantage Jobs Act to verify their eligibility for incentive payments and requires the Auditor to publish reports and provide copies to the Legislature, Governor, Mississippi Development Authority, Department of Revenue, and the audited company.

• Allows bond proceeds from Mississippi Advantage Jobs Act projects to reimburse reasonable, actual, and necessary costs incurred by the Department of Audit for audit work related to those projects throughout the life of the bonds and incentives.

• Makes the Department of Revenue responsible for providing audit reports and supporting evidence to the State Auditor for review and analysis of qualified businesses receiving incentive payments.

• Effective date: July 1, 2013.