MS HB509

Creates the "Economically Distressed Municipalities Development Act" to provide tax incentives and loans for businesses locating or expanding in economically distressed municipalities with populations under 20,000 that have lost at least 10% of population since 1980 and meet unemployment or poverty criteria.

Grants approved businesses in designated distressed municipalities exemptions from local ad valorem taxes, state income taxes, franchise taxes, and sales taxes for 10 years or until December 31, 2029, whichever is earlier; exemptions may extend to county taxes with county consent.

Establishes the Economically Distressed Municipalities Assistance Program providing loans up to $150,000 to small business enterprises (under 50 employees or $1 million net worth) for land, buildings, equipment, inventory, and working capital with terms up to 15 years.

Authorizes issuance of up to $10 million in state general obligation bonds (no bonds after July 1, 2022) to fund the assistance program, with proceeds deposited into the Economically Distressed Municipalities Assistance Fund.

Amends franchise tax and sales tax law to provide exemptions for approved business enterprises in economically distressed municipalities on capital value and component building materials used in facility construction and expansion.