MS SB2885

Extends the cut-off date for state and local tax exemptions under the Growth and Prosperity Act from December 31, 2029 to December 31, 2033.

Approved business enterprises in designated growth and prosperity counties remain exempt from all state and local taxes for up to 10 years or until December 31, 2033, whichever occurs first.

Disaster area businesses unable to use the state tax exemption may receive extensions of up to 2 years or until December 31, 2033, and may purchase replacement equipment and materials exempt from sales and use tax.

Exemptions require business enterprises to maintain full compliance with all state and local tax laws and enter into an agreement with the Mississippi Development Authority that includes performance requirements and provisions for tax recapture if requirements are not met.