Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 7 - INCOME TAX AND WITHHOLDING (§§ 27-7-1 — 27-7-NEW-002) › Article 1 - INCOME TAX (§§ 27-7-1 — 27-7-109) › Section 27-7-22.45 - Income tax credit for qualified flat-rolled aluminum production facilities, biocarbon production facilities, certain other industrial facilities, or associated port improvement projects

(1)
As used in this section,
(a)
"Affiliated enterprise" or an "affiliate" shall have the meaning ascribed to such term in Section
57-75-5(k)(ii)
;
(b)
"Authority" shall have the meaning ascribed to such term in Section
57-75-5(b)
;
(c)
"Project" shall have the meaning ascribed to such term in Section
57-75-5(f)(xxxi)
; and
(d)
"Qualified business or industry" shall mean any company that has been certified by the Major Economic Impact Authority as a project as defined in Section
57-75-5(f)(xxxi)
, or any other company which becomes subject to the tax levied by this chapter because it is an affiliate of the company that has been certified by the Major Economic Impact Authority as a project as defined in Section
57-75-5(f)(xxxi)
.
(2)
Each qualified business or industry shall be allowed an annual credit, for a period of fifteen (15) successive years, against the tax imposed by this chapter upon such qualified business or industry in each such year, in an annual amount equal to the amount of the qualified business's or industry's tax imposed by this chapter for each such year during the fifteen (15) year period on income derived thereby from any project, as defined by Section
57-75-5(f)(xxxi)
.
(3)
The tax credit authorized by this section may be utilized by any qualified business or industry and by any affiliates thereof that file a combined tax return for the tax imposed by this chapter. The credit shall not apply to offset tax on income derived from activities subject to Mississippi income tax prior to certification of the project.
(4)
A qualified business or industry may elect the date upon which the fifteen (15) year period will begin; however, the date may not be later than twenty-four (24) months after the date the qualified business or industry begins commercial production of the project or such earlier date prescribed by a definitive written agreement between the authority and the qualified business or industry and/or an affiliate thereof.
(5)
In the event that the annual number of full-time jobs maintained or caused to be maintained by the qualified business or industry and/or any affiliate thereof falls below the minimum annual number of full-time jobs required by the authority pursuant to a written agreement between the authority and the qualified business or industry and/or any affiliate thereof for one or more years, the annual tax credit granted by this section may be reduced or suspended by the authority until the first tax year during which the annual number of full-time jobs maintained or caused to be maintained by the qualified business or industry and/or any affiliate thereof reaches the minimum annual number of full-time jobs required by the authority pursuant to a written agreement between the authority and the qualified business or industry and/or any affiliate thereof.
(6)
A qualified business or industry that utilizes the annual tax credits authorized by this section shall not be eligible for the credits authorized in Sections
57-73-21
through
57-73-29
.
(7)
A qualified business or industry shall be entitled to utilize a single sales apportionment factor in the calculation of its liability for income tax imposed by this chapter for any year for which it files a Mississippi income tax return. The qualified business or industry shall be entitled to continue to utilize such single sales apportionment factor notwithstanding a suspension of the income tax credit pursuant to subsection (5) of this section. In no event shall a qualified business or industry be entitled to utilize a single sales apportionment factor for purposes of calculating its liability for income tax imposed by this chapter on any income derived from any operations or activities thereof subject to tax liability imposed by this chapter prior to January 1, 2023, except to the extent that the qualified business or industry is entitled to utilize a single sales apportionment factor in the calculation of its liability for income tax on income derived from any operations or activities thereof subject to tax liability imposed by this chapter prior to January 1, 2023, pursuant to any other section of law or regulation duly adopted by the department.
(8)
The Mississippi Development Authority may promulgate rules and regulations necessary to administer the provisions of this section.
Added by Laws, 2022EX1, ch. 1, HB 1,§ 15, eff. 11/17/2022.