MS HB386

Creates the "Economically Distressed Municipalities Development Act" allowing municipalities with populations under 20,000 that have lost at least 10% of population since 1980 and meet unemployment or poverty thresholds to apply for designation as economically distressed

Provides approved business enterprises locating in designated municipalities with exemptions from local ad valorem taxes, state income tax, franchise tax, and sales tax on construction materials and equipment for up to 10 years or until December 31, 2027

Establishes the Economically Distressed Municipalities Assistance Program to provide loans up to $150,000 to small businesses (fewer than 50 employees or under $1 million net worth) for land, buildings, equipment, inventory, and working capital

Authorizes issuance of up to $10 million in state general obligation bonds to fund the loan program, with bonds to be issued before July 1, 2020

Prohibits businesses relocating from elsewhere in Mississippi from receiving exemptions and requires businesses to create a minimum of 5 jobs to qualify