Senate Bill 2640 Summary

• Creates the Economic Development Programs Tax Incentives Evaluation Act of 2014 requiring the University Research Center to analyze state economic development tax incentives and programs in consultation with the Mississippi Development Authority and Legislative Budget Office.

• Establishes evaluation schedule requiring analyses of existing incentives by June 30, 2018, and every three years thereafter; new incentives must be analyzed within five years of taking effect and every three years thereafter.

• Requires analyses to include baseline assessments, statutory goals, number of taxpayers benefiting, revenue impact, cost-benefit comparisons, job creation estimates, administration costs, and recommendations to continue, modify, or terminate each incentive.

• Mandates the Mississippi Development Authority file annual reports by October 1 detailing all tax credits, loans, and grants awarded, including recipient information, employment commitments met, capital investments, and recovery actions for unmet obligations.

• Requires the Governor's budget submission to identify evaluated incentives and programs with recommendations for continuation, modification, or termination; authorizes Department of Revenue to share confidential tax information with University Research Center and MDA for these purposes.