Senate Bill 2546 Summary

• Extends the repeal date of Sections 57-10-401 through 57-10-447 and Section 27-7-22.3 from October 1, 2025 to October 1, 2029, allowing the Mississippi Business Finance Corporation to continue issuing bonds for economic development projects.

• Authorizes the corporation to finance approved economic development projects including manufacturing, telecommunications, data processing, distribution, and warehouse facilities for eligible companies.

• Permits approved companies to offer employees a job development assessment fee (2-6% of gross wages depending on wage level) with corresponding state income tax credits to help retire bonds financing the projects.

• Allows approved companies a state income tax credit against taxes generated by economic development projects, limited to the total debt service paid under financing agreements with the corporation.

• Effective July 1, 2025, bringing forward existing statutory provisions for potential amendment during the extended authorization period.