MS SB2840

Authorizes a job tax credit equal to 10% of payroll for supermarkets located in areas certified as economically distressed communities (defined as areas with at least 30% of residents below the national poverty level).

Limits the annual job tax credit to no more than 50% of the supermarket's state income tax liability and caps total credits awarded statewide at $4,000,000 per calendar year.

Exempts from sales tax materials used in constructing supermarkets in economically distressed communities, including machinery and equipment purchased within three months after construction completion.

Requires municipal governing authorities to designate economically distressed communities and the Department of Revenue to certify designated areas meeting the poverty threshold criteria.

Effective July 1, 2015, with automatic repeal on June 30, 2015 (creating a one-day effective period).