Monday, February 22, 2021

Senate Passes Economic Development Bill

 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.us/2021/pdf/history/SB/SB2822.xml. To view Senate Bill 2967, visit http://billstatus.ls.state.ms.us/2021/pdf/history/SB/SB2967.xml

 

6 comments:

Anonymous said...

Give us that cannabis kush like you gave us the lottery and watch your coffers swell flush with paper slush.

420 blaze it

Anonymous said...

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!

Anonymous said...

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.

Anonymous said...


"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.

Anonymous said...

Little more than a campaign talking point for Hosemann who is running for Governor in 2023.

Anonymous said...

IHL did the study. Not the administrative body.

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This is definitely a Beaver production.


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Jackson Jambalaya is the home of Trollfest '07. Catch this great event which promises to leave NE Jackson & Fondren in flames. Sonjay Poontang and his band headline the night with a special steel cage, no time limit "loser must leave town" bout between Alan Lange and "Big Cat"Donna Ladd following afterwards. Kamikaze will perform his new song F*** Bush, he's still a _____. Did I mention there was no referee? Dr. Heddy Matthias and Lori Gregory will face off in the undercard dueling with dangling participles and other um, devices. Robbie Bell will perform Her two latest songs: My Best Friends are in the Media and Mama's, Don't Let Your Babies Grow up to be George Bell. Sid Salter of The Clarion-Ledger will host "Pin the Tail on the Trial Lawyer", sponsored by State Farm.

There will be a hugging booth where in exchange for your young son, Frank Melton will give you a loooong hug. Trollfest will have a dunking booth where Muhammed the terrorist will curse you to Allah as you try to hit a target that will drop him into a vat of pig grease. However, in the true spirit of Separate But Equal, Don Imus and someone from NE Jackson will also sit in the dunking booth for an equal amount of time. Tom Head will give a reading for two hours on why he can't figure out who the hell he is. Cliff Cargill will give lessons with his .80 caliber desert eagle, using Frank Melton photos as targets. Tackleberry will be on hand for an autograph session. KIM Waaaaaade will be passing out free titles and deeds to crackhouses formerly owned by The Wood Street Players.

If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!

This is definitely a Beaver production.

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