HB 1429 Summary

• Reduces minimum capital investment requirement for data centers from $50 million to $20 million to qualify as an eligible "business enterprise" under Mississippi tax law.

• Lowers minimum job creation requirement from 50 new full-time jobs to 20 jobs, with minimum average annual salary adjusted from 150% to 125% of state average wage.

• Extends tax exemption period to 10 years after Mississippi Development Authority certification, covering income taxes, franchise taxes, and sales/use taxes on utilities and equipment.

• Exempts utilities (electricity, natural gas, steam, coal, liquefied petroleum gas, and fuel) sold to certified data centers from sales taxation.

• Applies exemptions to both domestic and foreign corporations operating data centers that meet the revised criteria, effective July 1, 2019.