MS HB368

Municipalities with populations under 20,000 that lost at least 10% of their population since 1980 and have unemployment at 200% or more of the state rate or 30% or more poverty rate may apply to the Mississippi Development Authority (MDA) for designation as "economically distressed municipalities"

Approved business enterprises locating or expanding in designated municipalities receive exemptions from local ad valorem taxes, state income tax, franchise tax, and sales tax for up to 10 years or until December 31, 2026, whichever comes first; businesses relocating existing operations from elsewhere in Mississippi are excluded

Establishes the Economically Distressed Municipalities Assistance Program to provide loans of up to $150,000 per small business (fewer than 50 employees or less than $1,000,000 in net worth) for land, buildings, equipment, inventory, and limited working capital

Authorizes issuance of up to $10,000,000 in state general obligation bonds, maturing within 25 years, to fund the loan program, with proceeds deposited into the Economically Distressed Municipalities Assistance Fund

Amends existing state income tax, franchise tax, and sales tax statutes (Sections 27-7-21, 27-13-5, 27-13-7, and 27-65-101) to conform with the new exemptions, with an effective date of July 1, 2015