Senate Bill 2943 Summary

• Creates the Mississippi Health Care Industry Zone Master Plan Act to establish certified health care industry zones in communities with academic health science centers and at least 375 acute care hospital beds within a 5-mile radius.

• Authorizes municipalities and counties with certified health care master plans to acquire, own, and lease projects for health care facilities and issue bonds up to $5,000,000 for construction and land acquisition.

• Establishes four funding mechanisms: a Grant Fund, Revolving Loan Fund, Job Training Grant Fund (funded by $50,000/month sales tax diversion), and Advantage Jobs Fund (funded by withholding tax diversions) to support qualified health care facilities creating at least 25 jobs and/or $10,000,000 capital investment.

• Provides income and insurance premium tax credits up to 8% of adjusted purchase price for taxpayers investing in qualified community development entities within certified health care zones, capped at $5,000,000 annually.

• Authorizes issuance of $5,000,000 in general obligation bonds each for the Grant Fund and Revolving Loan Fund, and allows public benefit corporations to facilitate New Markets Tax Credit transactions for health care facility development.