House Bill 1480 Summary

• Authorizes the Mississippi Development Authority to designate corporate corridor redevelopment zones in areas with at least 50% commercial zoning, highway frontage, and urban renewal status.

• Allows MDA to certify qualified business enterprises (warehouses, research facilities, headquarters, data centers, technology firms, and telecommunications) located in these zones if they invest at least $5,000,000 and create minimum 50 permanent direct jobs with specified wage requirements.

• Provides qualified business enterprises with accelerated 10-year state income tax depreciation, sales tax exemptions on construction materials and equipment (within 3 months of completion), and fee-in-lieu of ad valorem taxes options.

• Amends Section 27-31-104 to authorize county boards and municipalities to grant fee-in-lieu of ad valorem taxes to qualified business enterprises, with fees negotiated and approved by MDA and set at no less than one-third of normal ad valorem levy.

• Effective July 1, 2015.