MS HB274

Creates the "Economically Distressed Municipalities Development Act" allowing municipalities with populations under 20,000 that have lost at least 10% of population since 1980 and meet high unemployment or poverty criteria to apply to the Mississippi Development Authority for designation as economically distressed

Provides approved business enterprises locating or expanding in designated municipalities with exemptions from local ad valorem taxes (except school and fire/police portions), state income tax, franchise tax, and sales tax on construction materials and equipment for up to 10 years or until December 31, 2033

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

Authorizes issuance of up to $10 million in state general obligation bonds before July 1, 2026 to fund the loan program, with bonds maturing within 25 years

Requires business enterprises to create a minimum of 5 jobs to qualify, excludes gaming businesses and businesses relocating from elsewhere in Mississippi, and includes recapture provisions if performance requirements are not met