HB 1575 Summary

• Creates the Mississippi Health Care Industry Zone Master Plan Act to incentivize health care and life science industry development in certified communities with academic health science centers containing medical or pharmacy schools.

• Establishes four special funds: (1) Grant Fund with $5,000,000 in general obligation bonds to assist qualified health care facilities creating 25+ jobs or investing $10,000,000; (2) Revolving Loan Fund with $5,000,000 in bonds for architectural, engineering, and construction costs; (3) Job Training Grant Fund receiving $50,000 monthly in diverted sales tax to reimburse 75% of employee training costs up to $1,000-$2,000 per job; and (4) Advantage Jobs Incentive Fund providing quarterly payments of 90% of income tax withheld on new jobs (up to 4% of annual salary) for up to 10 years.

• Authorizes municipalities and counties with certified health care zone master plans to issue bonds for acquiring, constructing, or leasing projects and making internal improvements without counting against statutory debt limits.

• Provides income tax and insurance premium tax credits to taxpayers investing in qualified community development entities within certified health care zones, with maximum aggregate credits of $5,000,000 annually.

• Requires MDA certification that facilities create minimum 25 new full-time jobs and/or invest $10,000,000 to qualify for incentives.