MS SB2850

Expands the Growth and Prosperity Act to include grocery stores and retail businesses that employ five or more employees as eligible business enterprises.

Creates a new category of "eligible census tract" defined as any census tract where 30% or more of the population is at or below the federal poverty level, located in counties that consent to participate in the program.

Allows approved business enterprises located within eligible census tracts to qualify for state and local tax exemptions for ten years or until December 31, 2022, whichever occurs first.

Permits municipalities containing eligible census tracts to consent to participation in the Growth and Prosperity Program independently.

Adds provisions allowing tax exemptions to terminate for eligible census tracts if less than 30% of the population remains at or below the federal poverty level for three consecutive calendar years.