HB 1239 Summary

• Increases minimum capital investment requirement for data center tax exemptions from $20 million to $500 million and minimum job creation from 20 to 50 full-time positions with 125% of average state wage.

• Excludes digital asset mining operations from qualifying as eligible business enterprises for tax exemption purposes.

• Adds new definitions for "blockchain," "digital asset," and "digital asset mining" to the code and expands "state tax" exemptions to include taxes on electricity purchases by data centers.

• Grants business enterprises 60 days from notice of noncompliance to remedy violations before forfeiting tax-exempt status, subject to Mississippi Development Authority penalties.

• Simplifies application requirements by removing requirements for pro forma financial statements and expertise documentation while allowing MDA to request additional information as reasonably needed.