House Bill 627 - Mississippi Flexible Tax Incentive Act

• Creates the "Mississippi Flexible Tax Incentive Act" establishing a new tax incentive program administered by the Mississippi Development Authority for qualified businesses making minimum investments of $2,500,000 or creating at least 10 new full-time jobs.

• Qualified businesses can apply mFlex tax incentive credits against state income tax, withholding tax (limited to 20% annually), franchise tax, sales/use tax, and contractor tax liability based on percentages of qualified investments in machinery (1.5%), equipment (7%), construction (2%), and wage-based bonuses (up to 30% under certain conditions).

• Prohibits qualified businesses from claiming other state tax credits, exemptions, or incentives simultaneously including job creation credits under Sections 27-7-22.17 through 27-7-22.36 and withholding tax rebates under Sections 57-62-1 and 57-100-1.

• Requires annual reporting by certified businesses detailing actual investments, job creation, wages, and benefits; allows the Development Authority to adjust awards based on actual performance versus projections and requires unused incentives to expire after 10 years.

• Amends multiple tax code sections to authorize application of mFlex credits, requires direct pay permits for qualified businesses, and protects certain application and reporting information from public disclosure under the Mississippi Public Records Act.