MS HB709

Reenacts sections 57-10-401 through 57-10-447 of Mississippi Code governing the Mississippi Business Finance Corporation's authority to issue bonds for economic development projects including manufacturing, distribution, warehouse, telecommunications, and data processing facilities.

Extends the repeal date of sections 57-10-401 through 57-10-445 and section 27-7-22.3 from October 1, 2017 to October 1, 2020, allowing the economic development financing program to continue operating for three additional years.

Allows approved companies to receive tax credits against state income taxes for debt service payments under financing agreements, with credits capped at total taxes due to Mississippi and not refundable or carried forward.

Permits approved companies to impose a job development assessment fee on employees earning $5.00 or more per hour (ranging from 2% to 6% of gross wages depending on wage level), with employees receiving tax credits equal to the assessment amount.

Maintains existing provisions governing bond issuance procedures, financing agreement terms, project definitions, eligible company qualifications, and penalties for officials deriving pecuniary benefits from the program.