House Bill 159 Summary

• Authorizes the Mississippi Development Authority (MDA) to designate "corporate corridor redevelopment zones" in areas with at least 50% commercial zoning, Interstate or state highway frontage, and urban renewal status.

• Allows the MDA to certify "qualified business enterprises" engaged in warehousing, research, corporate headquarters, data processing, technology, or telecommunications that meet minimum criteria and create at least 50 permanent jobs with specific wage requirements (65% at 200% of median income, 10% at 250%, and 5% at 300%).

• Requires qualified business enterprises to invest at least $5,000,000 in construction or property improvements and provide minimum 150 usable square feet per employee.

• Grants qualified business enterprises three tax incentives: accelerated 10-year depreciation for state income tax purposes, sales tax exemption on construction materials and equipment, and eligibility for fee-in-lieu of ad valorem taxes.

• Amends existing law to allow county boards and municipalities to grant fee-in-lieu agreements to qualified business enterprises in corporate corridor redevelopment zones, effective July 1, 2019.