Miss. biz incentive bills pass

Lawmakers are trying to overhaul boondoggle-like incentives to businesses expanding or relocating to Mississippi. A proposed bill would simplify processes, provide transparency and prevent past mistakes that left taxpayers holding the bag. “This will be performance-based, not promise-based,” said Senate Economic Development Chairman David Parker (R-Olive Branch), author of SB 2822, the Mississippi Flexible Tax Incentive Act, or “MFlex.” The move is being championed by Lt. Gov. Delbert Hosemann, who has in the past opined that Mississippi has lacked oversight and accountability in the tax breaks and incentives to prospective businesses. Hosemann says MFlex would help the state shift further from risky upfront incentives for businesses to rebates and credits. (Source: Mississippi Today 02/17/21) Hosemann pushes to overhaul Mississippi business incentives, avoid boondoggles of the past | The Northside Sun UPDATE: The Mississippi Senate passed two bills Thursday that overhaul the state’s financial incentives for businesses. SB 2822 (MFlex Act) simplifies the economic development incentive process. A compannion bill SB 2967 repeals some incentives that include a payroll tax credit for businesses relocating to poor counties, tax credits for clean energy generation and aerospace industry enterprises, and a tax credit for airport cargo facilities. There are 39 incentives offered by the state to try to lure new businesses. (Source: Scott County Times 02/18/21) Bill that would streamline economic development incentives passes unanimously in the Senate | SCT Online