MCA Chapter 100

in effect

Miss. Code Ann. § 57-100-1 Definitions.

As used in this chapter, the following words and phrases shall have the meanings ascribed in this section unless the context clearly indicates otherwise: “Qualified business or industry” means a manufacturing enterprise that has been operating in this state for not less than two (2) consecutive years that meets minimum criteria established by the Mississippi Development Authority. “Qualified job” means a full-time job in this state: At the location of a qualified business or industry that has qualified to receive an incentive payment pursuant to this chapter; Which did not exist in this state before the date of approval by the MDA of the application of the qualified business or industry pursuant to the provisions of this chapter; and The average annual salary of which is at least one hundred percent (100%) of the state or county average annual wage, whichever is the lesser. “Full-time employment” means a job of at least thirty-five (35) hours per week. “Rebate amount” means the amount of Mississippi income taxes withheld from employees in qualified jobs that is available for rebate to the qualified business or industry, provided that: Except as otherwise provided in this paragraph (d), the rebate amount shall be three and one-half percent (3-1/2%) of the wages and taxable benefits for qualified jobs; and In no event shall incentive payments exceed the actual Mississippi income taxes withheld from employees in qualified jobs that are available for rebate to the qualified business or industry. “MDA” means the Mississippi Development Authority.

Miss. Code Ann. § 57-100-3 Quarterly incentive payments to qualified business or industry; duration of payments; application; job requirements; notification of State Tax Commission.

Except as otherwise provided in this section, a qualified business or industry that meets the qualifications specified in this chapter may receive quarterly incentive payments for a period not to exceed two (2) years from the State Tax Commission pursuant to the provisions of this chapter in an amount which shall be equal to the lesser of three and one-half percent (3-1/2%) of the wages and taxable benefits for qualified jobs or the actual amount of Mississippi income tax withheld by the employer for the qualified jobs. The two-year period shall begin the quarter after the State Tax Commission verifies that the required number of jobs have been created. In order to receive incentive payments, an establishment shall apply to the MDA. The application shall be on a form prescribed by the MDA and shall contain such information as may be required by the MDA to determine if the applicant is qualified. In order to qualify to receive such payments, the establishment applying shall be required to: Be engaged in a qualified business or industry; and The business or industry must create a minimum of ten (10) qualified jobs within six (6) months after the date of the application and maintain at least ten (10) qualified jobs. Upon approval of such an application, the MDA shall notify the State Tax Commission and shall provide it with a copy of the approved application. The State Tax Commission may require the qualified business or industry to submit such additional information as may be necessary to administer the provisions of this chapter. The State Tax Commission shall verify that at least ten (10) qualified jobs have been created within six (6) months after the date of the application before incentive payments may begin. The qualified business or industry shall report to the State Tax Commission periodically to show its continued eligibility for incentive payments. The qualified business or industry may be audited by the State Tax Commission to verify such eligibility. No applications shall be accepted by MDA from and after July 1, 2011.

Miss. Code Ann. § 57-100-5 Creation of Existing Industry Withholding Rebate Fund; purpose.

There is created in the State Treasury a special fund to be known as the “Existing Industry Withholding Rebate Fund,” into which shall be deposited withholding tax revenue required to be deposited into such fund pursuant to Section 27-7-312. The money in the fund shall be used for the purpose of making the incentive payments authorized under this chapter. The liability of the State of Mississippi to make the incentive payments authorized under this chapter shall be limited to the balance contained in the fund.

Miss. Code Ann. § 57-100-7 Filing of claim for incentive payments; payments dependent on verification of number of qualified jobs created and maintained.

As soon as practicable after the end of a calendar quarter for which a qualified business or industry has qualified to receive an incentive payment, the qualified business or industry shall file a claim for the payment with the State Tax Commission and shall specify the actual number of qualified jobs created and maintained by the business or industry for the calendar quarter and the wages and taxable benefits thereof. The State Tax Commission shall verify the actual number of qualified jobs created and maintained by the business or industry. If the State Tax Commission is not able to provide such verification utilizing all available resources, the State Tax Commission may request such additional information from the business or industry as may be necessary. If the business or industry does not maintain the job requirements of this chapter at any other time during the two-year period after the date the first payment was made, the incentive payments shall not be made and shall not be resumed until such time as the actual verified number of qualified jobs created and maintained by the business or industry equals or exceeds the requirements of this chapter for one (1) calendar quarter. A qualified business or industry that has qualified pursuant to this chapter may receive payments only in accordance with the provision under which it initially applied and was approved. If an establishment that is receiving incentive payments expands, it may apply for additional incentive payments based on the wages and taxable benefits for qualified jobs anticipated from the expansion only, pursuant to this chapter. As soon as practicable after verification of the qualified business or industry meeting the requirements of this chapter and all rules and regulations, the Department of Finance and Administration, upon requisition of the State Tax Commission, shall issue a warrant drawn on the Existing Industry Withholding Rebate Fund to the establishment in the amount of the rebate as determined pursuant to subsection (1) of this section for the calendar quarter.

Miss. Code Ann. § 57-100-9 Promulgation of rules and regulations by the Mississippi Development Authority and State Tax Commission.

The MDA and the State Tax Commission shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, and all application forms and other forms necessary to implement their respective duties and responsibilities under the provisions of this chapter.