Senate Bill 2563 Summary

• Creates "Incentives Transparency for a Prosperous Mississippi Act" requiring the Mississippi Development Authority to award economic incentives over $5 million only upon finding the project is in the state's best interests, supported by a resolution containing evidence of feasibility, economic impact, job creation, and costs.

• Requires certified applicants receiving over $5 million in combined incentives to enter into a memorandum of understanding with the state containing performance measures that must be met within a specified timeframe, with provisions allowing the state to stop, readjust, or recapture incentives for noncompliance.

• Imposes a five-year disqualification period from receiving additional incentives for applicants failing to meet performance measures, unless they cure the default or repay the incentive earlier, with disqualification extending to individual owners or shareholders holding 20% or more of business entities.

• Requires certified applicants to file annual reports by March 1 detailing incentive amounts, employment numbers, wages, benefits access, and supply chain information; mandates the MDA to submit aggregate reports to state leadership by October 1 each year.

• Applies requirements only to incentives awarded after July 1, 2020, with prior recipients having the option to voluntarily report; excludes annual report information from confidentiality protections under state public records law.