SB 2929 Summary

• Creates the Mississippi Health Care Industry Zone Master Plan Act to support health care and life science industries through designated master plan communities in counties with 375+ acute care hospital beds.

• 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 acquisition and construction costs.

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

• Provides tax credits equal to 8% of adjusted purchase price for qualified equity investments in certified health care communities, with maximum aggregate credits of $5,000,000 annually and 7-year carryforward period.

• Requires qualified health care facilities/businesses to create minimum 25 new full-time jobs and/or have $10,000,000 capital investment to be eligible for grants, loans, training grants, and job incentive payments.