Lieutenant Governor Delbert Hosemann issued the following statement last week.
In an
effort to make the state more competitive and increase transparency, the
Mississippi Senate unanimously passed legislation creating the
Mississippi Flexible Tax Incentive (MFLEX) program.
Senate
Bill 2822, authored by Economic & Workforce Development Committee
Chairman David Parker, consolidates several current incentives aimed at
spurring economic development into one simplified
option. MFLEX allows a credit against any state tax liability. The
amount of the credit is calculated by considering the business’s
investment in equipment and infrastructure, the number of full-time jobs
created, and wages and benefits paid out to employees.
To participate in MFLEX, a business must create at least 10 full-time jobs and make a capital investment of $2.5 million.
“The
current incentives process is cumbersome and lacks the accountability
which this program offers,” Lt. Governor Delbert Hosemann said. “When we
make a deal, we have to be able to go back
to taxpayers and show them it was successful. MFLEX makes Mississippi
competitive in the region.”
“One
of MFLEX’s best features is it is performance-based, not promise-based,”
Parker agreed. “If a business does not perform at the level they
promise, their credit is recalculated. We are thankful
to local economic developers across the state who lent us their
expertise in helping craft legislation which will grow the economy in
our communities.”
Businesses
qualifying for MFLEX must report publicly the amount of investment,
jobs created, average wage of employees, benefits provided, and other
information.
“This
program is a part of the overhaul of economic development in Mississippi
which began with the creation of the Office of Workforce Development,
continued with devoting more dollars to education,
and now addresses the attraction and expansion of Mississippi
businesses,” Hosemann added.
Senate
Bill 2967, which Parker also authored and the Senate passed, seeks to
end several tax incentives which are not used or lose taxpayer dollars.
The legislation also increases a tax credit
to employers who provide childcare for employees.
“Our
goal is to end incentives which have had a negative or no impact in
terms of economic development. We will also be considering incentives
specifically aimed at small businesses and high-wage,
technology-centered jobs,” Hosemann said.
To view Senate Bill 2822, visit
http://billstatus.ls.state.ms.
6 comments:
Give us that cannabis kush like you gave us the lottery and watch your coffers swell flush with paper slush.
420 blaze it
4:14 says the guy probably working at a pizza joint and driving an 86 Honda Accord or 96 Nissan Maxima. You’re probably not wrong, but no intelligent person talky talks all wiggity wack, yo!
No company will want to put up their own numbers for this bullshit. I cant wait to see what has materialized from this incentive one year from now. Jack Shit I say.
"In its recent annual report on economic development programs on tax incentives, the state Institutions of Higher Learning (IHL) reported that of 20 state incentives it examined for 2020, only nine “generated a positive return on the state’s investment and two generated a negative return.” Others had not been used in recent years, and “five could not be analyzed because of insufficient information.” It noted that the Department of Revenue had no info available on how much tax breaks for the Tourism Tax Rebate Program had cost in forgone taxes, despite 11 projects, including the Biloxi baseball stadium, a children’s museum and the King Edward Hotel, receiving the rebates.
When someone can't keep track of money, you don't give them more to be responsible for. After receiving a failing grade with 20 other programs, it's being funneled AGAIN through the IHL....so yes, just watch it evaporate - but likely Hosebert will present some bullshit "data" just in time for election and claim responsibility for success. Shad White's already given his blessing.
Little more than a campaign talking point for Hosemann who is running for Governor in 2023.
IHL did the study. Not the administrative body.
Post a Comment