MS HB963

Authorizes the Mississippi Development Authority to designate municipalities with populations under 20,000 that have lost at least 10% of population since 1980 and have either 200% of the state's unemployment rate or 30% poverty rate as "economically distressed municipalities"

Provides approved business enterprises locating or expanding in designated municipalities with 10-year exemptions from local ad valorem taxes (excluding school and fire/police portions), state income tax, franchise tax, and sales tax on construction materials and equipment

Creates the Economically Distressed Municipalities Assistance Program to provide loans up to $150,000 to small businesses (under 50 employees or $1 million net worth) for land, buildings, equipment, inventory, and limited working capital

Authorizes issuance of up to $10 million in state general obligation bonds before July 1, 2025, to fund the loan program, with bonds maturing within 25 years

Excludes businesses that relocate existing operations from elsewhere in Mississippi and gaming businesses from receiving the tax exemptions; program expires December 31, 2032