MS HB154

Creates the "Economically Distressed Municipalities Development Act" to provide tax incentives and loans for business enterprises locating or expanding in economically distressed municipalities with populations under 20,000 that have lost at least 10% of population since 1980 and meet unemployment or poverty criteria.

Grants approved business enterprises a 10-year exemption from local and state ad valorem taxes, income taxes, franchise taxes, and sales taxes on equipment and building materials (with exemptions ending December 31, 2025, whichever occurs first).

Establishes the Economically Distressed Municipalities Assistance Program to provide loans up to $150,000 to small approved business enterprises with fewer than 50 employees or less than $1 million in net worth for land, buildings, equipment, inventory, and working capital.

Authorizes issuance of up to $10 million in state general obligation bonds to fund the assistance program, with bond issuance limited to July 1, 2018, and bonds to be deposited into the Economically Distressed Municipalities Assistance Fund.

Amends Mississippi tax code sections 27-7-21, 27-13-5, 27-13-7, and 27-65-101 to implement exemptions for approved business enterprises and clarifies that businesses relocating from within Mississippi do not qualify for incentives.