HB 1634 Summary

• Creates the Mississippi Health Care Industry Zone Master Plan Act to target health care and life science industries through certified master plan communities located near hospitals with 375+ acute care beds or universities offering health care degrees.

• Authorizes municipalities with certified health care master plans to acquire, own, and lease projects for health care businesses and issue bonds up to $5,000,000 for construction and infrastructure costs.

• Establishes four funding mechanisms: a Grant Fund, Revolving Loan Fund (both funded by $5,000,000 in general obligation bonds), Job Training Grant Fund (funded by $50,000 monthly sales tax diversion), and Advantage Jobs Fund (funded by withholding tax from new jobs).

• Provides tax credits of 8% for qualified equity investments in certified health care zone communities, capped at $5,000,000 annually in aggregate tax credits, with credits available against income and insurance premium taxes.

• Requires qualified health care facilities or businesses to create minimum 25 new full-time jobs and/or $10,000,000 capital investment to be eligible for incentives and assistance programs.