House Bill 1249 Summary

• Mississippi Development Authority (MDA) authorized to designate corporate corridor redevelopment zones in areas with at least 50% commercial zoning, frontage on Interstate or state highways, and urban renewal designation.

• Businesses in these zones engaged in warehousing, distribution, research, headquarters operations, data processing, technology, or telecommunications may be certified as qualified business enterprises if they create minimum 50 permanent direct jobs paying at least median area income, with specific wage tier requirements (65% at 200% of median, 10% at 250%, 5% at 300%).

• Qualified business enterprises must invest minimum $5,000,000 in construction/improvements and provide at least 150 usable square feet per employee to qualify for tax benefits.

• Qualified enterprises receive accelerated 10-year state income tax depreciation, sales tax exemption on construction materials and equipment (within 3 months of completion), and fee-in-lieu of ad valorem taxes (minimum one-third of standard tax amount for up to 10 years).

• Amendments to Sections 27-31-104 and 27-65-101 authorize county boards and municipal authorities to grant fee-in-lieu arrangements and sales tax exemptions to qualified business enterprises in corporate corridor redevelopment zones; effective July 1, 2014.