MS HB1621

Revises the definition of "qualified business or industry" under the Mississippi Flexible Tax Incentive Act to include entities that satisfy the minimum job creation requirement in addition to those making a qualified minimum investment of $2,500,000.

Changes the annual reporting deadline for qualified businesses from "the last business day of the month" to "the last business day of the quarter" following the month in which the project certification date anniversary occurs.

Updates Section 57-114-15 to reference the Department of Employment Security instead of the Department of Revenue regarding information sharing about qualified businesses awarded mFlex tax incentives.

Authorizes the Mississippi Development Authority to adjust mFlex tax incentive awards based on actual performance metrics if a qualified business fails to achieve or exceeds performance measures outlined in its mFlex agreement.

Effective date: July 1, 2024.