MS SB2056

Removes the $100 million minimum investment requirement for qualified businesses under the Mississippi Health Care Industry Zone Act, effective through June 30, 2022, allowing projects to qualify for fee-in-lieu of ad valorem taxes with criteria established by the Mississippi Development Authority instead.

From July 1, 2022 onward, eliminates the special category for qualified businesses entirely and replaces it with a $60 million minimum investment threshold for existing enterprises that have operated in the county or municipality for at least 24 months.

Maintains existing fee-in-lieu eligibility for new enterprises with $60 million projects, private companies with $60 million capital investment, and private companies with $100 million investment in Presidential Disaster Declaration areas.

Preserves the requirement that fee-in-lieu agreements be binding for up to 30 years with minimum payments of one-third of ad valorem taxes, and allows parties to modify agreements if operations cease for 12 or more consecutive months.

Takes effect July 1, 2019.