Legislative Update

LEGISLATIVE UPDATE

The following legislation, enacted during the 2018 Legislative Session, revises MDA’s powers and duties:

HB 1427, signed by the Governor March 28, 2019, authorizes the issuance of general oblication bonds.

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HB 1431, signed by the Governor March 28, 2019, revises the definition of the term “Business Enterprise” for the purpose of eligibility of aerospace industries for certain tax exemptions.

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HB 1668, signed by the Governor March 28, 2019, amends certain provisions of ad valorem taxation.

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HB 1699, signed by the Governor March 19, 2019, provides for the method of apportionment of income for income tax purposes of a major medical laboratory service business.

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SB 2056, signed by the Governor March 29, 2019, revises the amount of investment required for projects by qualified businesses under the health care industry zone act in order for such projects to be granted a fee-in-lieu of ad valorem taxes.

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SB 2271, signed by the Governor March 22, 2019, revises the definition of the term “Business Enterprise” to reduce the requirements necessary for a data center to be included in such definition.

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SB 2272, signed by the Governor April 12, 2019, revises the procedure by which up to 3% of bond proceeds in various funds may be used to reimburse the Mississippi Development Authority for costs incurred in the administration of various grant, loan and financial incentive programs.

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SB 2603, signed by the Governor April 8, 2019, authorizes the payroll and fringes paid for certain nonresident employees of motion picture production companies to be included in base investment for the purpose of calculating the rebate under the Mississippi Motion Picture Investment Act.

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SB 2810, signed by the Governor March 22, 2019, authorizes the Mississippi Development Authority to sell, lease, or otherwise dispose of certain real property.

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SB 2928, signed by the Governor April 18, 2019, authorizes the board of trustees of the Vicksburg Warren School District and the Claiborne County Board of Education to establish a partnership with the Entergy Grand Gulf Nuclear Station, Warrant County, and the MDA.

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SB 3057, signed by the Governor April 16, 2019, makes an appropriation to defray the expenses of the Mississippi Development Authority for fiscal year 2020.

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To submit a comment or question about the revisions or the effect of the revised legislation, click to submit email legis@mississippi.org or contact MDA at (601) 359-3449.