HB 516 Summary

• Reenacts Sections 57-10-401 through 57-10-447 of the Mississippi Code, which authorize the Mississippi Business Finance Corporation to issue bonds for financing economic development projects to attract or expand businesses in the state.

• Reenacts Section 27-7-22.3, which provides state income tax credits to approved companies for debt service paid under financing agreements with the corporation, with different credit structures based on project approval dates.

• Extends the repeal date of the bond issuance authority and related tax credit provisions from October 1, 2022 to October 1, 2025.

• Maintains provisions allowing approved companies to impose job development assessment fees on employees (ranging from 2% to 6% of wages based on hourly rate), with employees receiving corresponding state income tax credits.

• Applies different terms and conditions to projects based on when bonds were issued or when Board resolutions were filed with the State Tax Commission prior to specified dates (July 1, 1994; July 1, 1997).