Mississippi 2024 Regular Session

Mississippi House Bill HB1505

Introduced
2/19/24  
Refer
2/19/24  

Caption

Growth and Prosperity Act; bring forward section of law of.

Impact

The bill is positioned to significantly impact state laws by clarifying the framework within which businesses can receive tax incentives and other benefits when operating in economically disadvantaged areas. It promotes economic development by delineating the criteria for participation in the Growth and Prosperity Program, thereby aiming to attract new industries that can lead to job creation in specific counties. The emphasis is on supporting new or expanded business enterprises that have the potential to improve local economies, particularly in regions where a considerable portion of the population lives below the federal poverty level.

Summary

House Bill 1505 aims to bring forward Section 57-80-5 of the Mississippi Code of 1972, specifically defining terms relevant to the Growth and Prosperity Act. This legislation focuses on incentivizing business expansion and establishment in designated 'growth and prosperity' counties. The bill outlines criteria for what constitutes an 'approved business enterprise' and 'eligible supervisors districts', emphasizing the importance of creating jobs in areas with significant poverty levels. By setting forth these definitions, HB1505 seeks to streamline procedures for the Mississippi Development Authority (MDA) when assessing applications for businesses seeking incentives under this program.

Contention

Despite its intended goals, discussions surrounding HB1505 may raise points of contention regarding local government control and the effectiveness of tax incentives as a strategy for economic growth. Critics might argue that such incentives could lead to a disproportionate focus on attracting businesses rather than developing existing local enterprises or addressing systemic issues of poverty more holistically. Furthermore, the exclusion of certain sectors, such as retail or gaming businesses, from the definition of 'business enterprise' could be debated, as these sectors can also play a role in local economic development.

Companion Bills

No companion bills found.

Previously Filed As

MS SB2681

Mississippi Development Authority; clarify time trigger for tax exemption cutoff under Growth and Prosperity Act.

MS HB990

Medicaid; bring forward sections of law for possible amendment.

MS HB991

Medicaid; bring forward sections of law for possible amendment.

MS SB2808

Mississippi Flexible Tax Incentive Act; bring forward code sections for the purpose of possible amendment.

MS HB1130

State Parole Board; bring forward sections pertaining to.

MS HB604

New programs funded with ARPA funds; revise certain provisions and bring forward sections of.

MS HB1038

Homestead exemption; bring forward certain sections of law relating to.

MS HB1135

Prior authorization; bring forward code sections related to.

MS HB1166

Sales tax; bring forward certain sections of law authorizing various exemptions.

MS HB1131

MS Prison Industries Act; bring forward certain sections pertaining to.

Similar Bills

MS SB2014

Ad valorem taxes; consider annexed business "new enterprise" for purpose of eligibility for certain municipal tax exemptions.

MS SB2209

Ad valorem taxes; consider annexed business "new enterprise" for purpose of eligibility for certain municipal tax exemptions.

MS SB2072

Ad valorem taxes; consider annexed business "new enterprise" for purposes of eligibility for certain municipal tax exemptions.

MS HB1561

Ad valorem taxation; revise types of new enterprises eligible for tax exemption.

MS SB2318

Ad valorem taxes; authorize local governments to grant exemptions for raw materials and work in progress inventory.

MS SB2995

Ad valorem taxes; authorize local governments to grant exemptions for raw materials and work in progress inventory.

MS HB926

Fee-in-lieu of ad valorem taxes; bring forward sections of law relating to.

MS SB2698

Ad valorem tax; extend time for partial exemption and fee-in-lieu of ad valorem tax agreement for certain renewable energy projects.