HB 875 Summary

• Mississippi Development Authority may designate corporate corridor redevelopment zones in areas with at least 50% commercial zoning, frontage on Interstate or state highways, and urban renewal status.

• Qualified business enterprises in these zones must create minimum 50 permanent direct jobs with specific wage requirements: 65% earning at least 200% of area median income, 10% earning at least 250%, and 5% earning at least 300%.

• Qualified enterprises must invest minimum $5,000,000 in construction/property improvements and provide 150 usable square feet per employee.

• Certified qualified business enterprises receive accelerated state income tax depreciation (10-year period), sales tax exemptions on construction materials and equipment (within 3 months of completion), and fee-in-lieu of ad valorem taxes.

• Fee-in-lieu agreements require Mississippi Development Authority approval, must be at least one-third of normal ad valorem taxes, and apply for periods up to 20 years (10 years maximum per property parcel).