House Bill 1588 Summary

• Authorizes the Mississippi Development Authority to designate corporate corridor redevelopment zones in areas with at least 50% commercial zoning, Interstate/state highway frontage, and urban renewal status.

• Allows the MDA to certify qualified business enterprises in warehousing, distribution, research, headquarters, data processing, technology, or telecommunications that meet minimum job creation requirements (50+ permanent direct jobs) and compensation standards.

• Provides certified qualified business enterprises with accelerated 10-year state income tax depreciation deductions, sales tax exemptions on construction materials and equipment, and fee-in-lieu of ad valorem tax options.

• Requires businesses to invest at least $5,000,000 in construction/property improvements with minimum 150 usable square feet per employee to qualify for incentives.

• Amends sections 27-31-104 and 27-65-101 to extend fee-in-lieu and sales tax exemption eligibility to qualified business enterprises in corporate corridor redevelopment zones, effective July 1, 2017.