SB2962 Summary

• Creates the Mississippi Health Care Industry Zone Master Plan Act to encourage health care and life science industry development in certified communities through economic incentives and infrastructure support.

• Authorizes municipalities with certified health care master plans to acquire, own, and lease projects, and to issue general obligation bonds (up to $5 million each) for project acquisition and internal infrastructure improvements.

• Establishes four special funds: (1) Mississippi Health Care Industry Zone Master Plan Fund ($5 million in bonds) for grants to local development entities; (2) Revolving Loan Fund ($5 million in bonds) for loans to qualified health care facilities; (3) Job Training Grant Fund (funded by $50,000 monthly sales tax diversion) for workforce training; and (4) Advantage Jobs Fund (funded by withholding tax diversion) for incentive payments to businesses.

• Requires qualified health care facilities to create a minimum of 25 new full-time jobs and/or have $10 million in capital investment to be eligible for assistance under these programs.

• Provides income tax and insurance premium tax credits (up to $5 million annually) for taxpayers investing in qualified equity investments in certified health care zone master plan communities.