HB 1582 Summary

• Creates the Mississippi Health Care Industry Zone Master Plan Act to target health care and life science industries for economic development in certified communities meeting specific geographic and planning requirements.

• Establishes four funding mechanisms: a grant fund, revolving loan fund, job training grant fund, and advantage jobs fund to support qualified health care facilities and businesses creating at least 25 new full-time jobs and/or $10,000,000 in capital investment.

• Authorizes municipalities with certified health care zone master plans to issue bonds up to $5,000,000 for acquiring, constructing, or improving health care-related projects and facilities.

• Provides income tax and insurance premium tax credits up to $5,000,000 annually for taxpayers making qualified equity investments in certified health care zone master plan communities through community development entities.

• Authorizes $5,000,000 in general obligation bonds each for the grant fund and revolving loan fund, with bonds to be issued by July 1, 2018.