Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 114 - MISSISSIPPI FLEXIBLE TAX INCENTIVE ACT (§§ 57-114-1 — 57-114-21) › Section 57-114-15 - Audits and interagency cooperation

(1)
No provisions of this chapter shall in any way limit or restrict the authority of the Department of Revenue to perform audits for all state tax liabilities for any qualified business or industry that is awarded any mFlex tax incentives by the authority.
(2)
The Department of Revenue is authorized to provide to the authority any information received, obtained or produced, or findings or determinations made, thereby as a result of the performance by Department of Revenue of any audit of state tax liabilities of any qualified business or industry that is awarded any mFlex tax incentives by the authority, and any such information, findings or determinations provided to the authority by the Department of Revenue shall be exempt from the provisions of the Mississippi Public Records Act of 1983, as amended.
(3)
If any audit by the Department of Revenue results in a reclassification of component building materials, manufacturing equipment or nonmanufacturing equipment, as previously reported by a qualified business or industry, to a different property classification, or a change in the number of new full-time employees or average employer wage, as previously reported by a qualified business or industry, the authority is authorized to adjust the amount of the mFlex tax incentive awarded to the qualified business or industry for a qualified economic development project to comport with any property reclassification or change in the number of new full-time employees or average employer wage in the manner prescribed by Section
57-114-13
.
(4)
The Department of Employment Security is authorized to provide to the authority any information received, obtained or produced, or findings or determinations made thereby, with respect to any qualified business or industry that is awarded any mFlex tax incentives by the authority, and any such information, findings or determinations provided to the authority by the Department of Employment Security shall be exempt from the provisions of the Mississippi Public Records Act of 1983, Section
25-61-1
et seq.
(5)
The State Auditor may conduct performance and compliance audits under this chapter according to Section
7-72-11(o)
.
(6)
Upon written request made by the Director of the University Research Center Division of the Mississippi Institutions of Higher Learning, the authority shall provide to the director a copy of any certification, together with any amendments thereto, made by the authority, and/or any mFlex agreement, together with any amendments thereto, approved and executed by the authority pursuant to this chapter, described in such request for the purpose of the University Research Center conducting an economic impact analysis and other analyses performed by the University Research Center with respect thereto; provided that any such analyses conducted by the University Research Center with respect to one or more particular qualified economic development projects shall be communicated and provided only to the Governor, Lieutenant Governor, Speaker of the House of Representatives and/or the authority.
Amended by Laws, 2024, ch. 337, SB 2830,§ 3, eff. 4/15/2024.
Added by Laws, 2022, ch. 462, SB 2159,§ 8, eff. 7/1/2022.