Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 99 - MISSISSIPPI MAJOR ECONOMIC IMPACT WITHHOLDING REBATE INCENTIVE PROGRAM (§§ 57-99-1 — 57-99-29) › QUALIFIED BUSINESS OR INDUSTRY - COMPANIES AND THEIR AFFILIATES (§§ 57-99-1 — 57-99-9) › Section 57-99-3 - Quarterly incentive payments to qualified companies and their affiliates; duration of payments; application; job requirements; notification of Department of Revenue

(1)
Except as otherwise provided in this section, a qualified business or industry that meets the qualifications specified in Sections
57-99-1
through
57-99-9
may receive quarterly incentive payments for a period not to exceed twenty-five (25) years from the Department of Revenue pursuant to the provisions of Sections
57-99-1
through
57-99-9
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. A qualified business or industry may elect the date upon which the incentive rebate period will begin. Such date may not be later than sixty (60) months after the date the business or industry applied for incentive payments; however, in the case of a qualified business or industry described in Section
57-99-1(a)(ii)
, such date may not be later than seventy-two (72) months after the date the business or industry applied for incentive payments, or for a qualified business or industry described in Section
57-99-1(a)(iv)
, such date may not be later than the date that is sixty (60) months after the earlier of:
(a)
The date the qualified business or industry applied for incentive payments; or
(b)
The start of commercial production as defined in a definitive agreement between such qualified business or industry and the MDA.
(2)
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.
(3)
In order to qualify to receive such payments, the establishment applying shall be required to:
(a)
Be engaged in a qualified business or industry; and
(b)
The business or industry must create and maintain the minimum number of qualified jobs as set forth in Section
57-99-1
. Establishments that are approved as a qualified business or industry under Sections
57-99-1
through
57-99-9
may not receive incentive payments under Section
57-62-1
et seq.
(4)
Upon approval of such an application, the MDA shall notify the Department of Revenue and shall provide it with a copy of the approved application. The Department of Revenue may require the qualified business or industry to submit such additional information as may be necessary to administer the provisions of Sections
57-99-1
through
57-99-9
. The qualified business or industry shall report to the Department of Revenue periodically to show its continued eligibility for incentive payments. The qualified business or industry may be audited by the Department of Revenue to verify such eligibility.
(5)
Notwithstanding any other provision of Sections
57-99-1
through
57-99-9
to the contrary, from and after January 1, 2023, if the amount of the incentive payments that a qualified business or industry is eligible to receive under Sections
57-99-1
through
57-99-9
is less than the amount that the incentive payments would have been if the payments had been calculated using any applicable income tax rates in Section
27-7-5
that were in effect before January 1, 2023, then the qualified business or industry also shall receive a grant equal to the difference between such two (2) amounts. Further, the term "incentive payment," as such term is used in Sections
57-99-1
through
57-99-9
, shall be deemed to not refer to or otherwise include any grant payment payable to a qualified business or industry pursuant to this subsection.
Laws, 2007, ch. 303, § 18; Laws, 2007, 1st Ex Sess, ch. 1, § 15, eff. 5/11/2007.
Amended by Laws, 2022, ch. 462, SB 2159,§ 23, eff. 7/1/2022.
Amended by Laws, 2016EX1, ch. 1, HB 1,§ 9, eff. 2/8/2016.