reglab/statecodes huggingface dataset:
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 2 - Mississippi Site Development Grant - Select Sites Program › Rule 6-9-2.7 - Eligible Expenditures

Current through June 25, 2024
Eligible expenditures include:
A. Attorney fees
B. Fees related to architectural, design,
				engineering, surveying, planning, mapping, and other due diligence-related
				professional services
C.
				Environmental studies/assessments
D. Costs associated with studies, surveys,
				permitting, or zoning activities necessary to complete site diligence
E. Geotechnical and/or resistivity
				testing
F. Environmental mitigation
				or the purchase of mitigation credits
G. Clearing/grading
H. Drainage system improvements
I. Right of way and easement
				acquisition
J. Utility system
				expansions and/or distribution, including natural gas distribution
				systems
K. Transportation
				infrastructure directly effecting the site (roads, bridges or rail)
L. Telecommunications systems, including
				fiber optics
M. Bulkheads
N. Taxiways and parking ramps
O. Land reclamation
P. Industrial park "gateway" signage and/or
				aesthetic improvements
Q. On-site
				demolition (old houses, barns, etc.) subject to cultural review
R. Public infrastructure improvements
				directly serving industrial property that is publicly owned or serving optioned
				property
S. Acquisition of publicly
				owned real property used for economic development purposes by an eligible
				entity in cases where the acquisition price does not exceed the appraised fair
				market value of the property
T.
				Site development improvements as approved by MDA
Grant funds can only be used for physical site improvements
				  such as clearing/grading, drainage improvements, or utility system expansions
				  or improvements in cases where the site is publicly owned. For MDA to assist
				  with due diligence at optioned property or public infrastructure improvements
				  directly serving optioned property, the option must be in place for at least
				  two (2) years after the date of application for a Site Development
				  Grant.
Site due diligence and site improvement projects will receive
				  priority over site acquisition projects, based on funding
				  availability.
Miss. Code
				  Ann. §
										57-1-701
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 2 - Mississippi Site Development Grant - Select Sites Program › Rule 6-9-2.8 - Site Acquisition Requirements

Current through June 25, 2024
MDA will only assist with site acquisition projects if the
				  land being acquired for industrial development purposes is under option. The
				  purchase price for the land being acquired cannot exceed the appraised fair
				  market value of the property.
Select Sites grants cannot be used to reimburse more than 50
				  percent of eligible land acquisition costs. MDA will require at least a 50
				  percent match when assisting with site acquisition projects, though site
				  acquisition costs incurred over the past five (5) years at the site will be
				  considered as eligible matching expenses.
For acquisition projects, MDA will pay a percentage of
				  eligible acquisition costs plus associated reasonable and necessary closing and
				  settlement costs, as determined by MDA. Other reasonable and necessary costs
				  for which MDA may provide reimbursement may include environmental due diligence
				  such as, but not limited to, a Phase 1 environmental assessment, cultural
				  resources survey, wetlands assessments and delineation, threatened and
				  endangered species assessment, and geotechnical investigation of the parcels of
				  land being acquired for industrial development.
Select Sites grant funds cannot be used to assist with legal
				  expenses or other expenses related to eminent domain proceedings, and eminent
				  domain-related expenses, if any, cannot be considered as eligible costs for
				  match requirement purposes.
Miss. Code
				  Ann. §
										57-1-701
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 2 - Mississippi Site Development Grant - Select Sites Program › Rule 6-9-2.9 - Project Scope of Work and Budget

Current through June 25, 2024
MDA reserves the right to negotiate the scope of site
				  development work and the budget for the proposed work with prospective
				  applicants and as part of the application review process.
Miss. Code
				  Ann. §
										57-1-701
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 2 - Mississippi Site Development Grant - Select Sites Program › Rule 6-9-2.10 - Grant Amounts

Current through June 25, 2024
Grant amounts awarded will vary based on funding availability
				  and other factors, including, but not limited to, the development needs of the
				  sites evaluated, the cost estimates of the site improvements proposed, the
				  overall potential development opportunity for the benefitting property, and
				  whether site due diligence has been completed. In determining MDA's level of
				  funding participation, the agency will also consider whether the potential
				  applicant has funded due diligence or site improvements on the site, to date,
				  the amount of funding for site improvements that has already been invested or
				  committed to the site, and whether the potential applicant has identified
				  additional funding sources.
Miss. Code
				  Ann. §
										57-1-701
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 2 - Mississippi Site Development Grant - Select Sites Program › Rule 6-9-2.11 - Matching Funds

Current through June 25, 2024
All grant awards will require matching funds. MDA will
				  determine the amount of match required on a project-by-project basis. The
				  amount of match required will depend on such factors as the proposed scope of
				  work, whether site due diligence has been completed, the necessary site
				  improvements identified, and the cost estimates for those improvements. In
				  determining the amount of matching funds required, MDA also will consider the
				  amount of funding that has already been invested in or committed to the site
				  and the level of development in the county/counties in which the site is
				  located, as determined by the Mississippi Department of Revenue in its annual
				  County Ranking. In-kind services will be eligible as part of the required match
				  if they are directly related to the costs of due diligence/site development
				  requirements, and land acquisition costs can count toward the grant's match
				  requirements.
Miss. Code
				  Ann. §
										57-1-701
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 2 - Mississippi Site Development Grant - Select Sites Program › Rule 6-9-2.12 - Site Evaluation

Current through June 25, 2024
Before formally inviting a grant application, MDA will
				  contact potential applicants to discuss the sites evaluated, the development
				  plan for the sites, the due diligence and/or site improvements needed, and the
				  costs of the improvements necessary to develop the site into a competitive,
				  project-ready site, taking into consideration the results of any third-party
				  evaluation. Activities to be funded under the Mississippi Site Development
				  Grant Program should be consistent with the recruitment strategy and industrial
				  park development plan for the benefitting site, as determined by MDA and the
				  Local Partner.
Miss. Code
				  Ann. §
										57-1-701
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 2 - Mississippi Site Development Grant - Select Sites Program › Rule 6-9-2.13 - Application Process

Current through June 25, 2024
After completing this site evaluation process, MDA may then
				  issue a letter inviting a Local Partner to apply for the grant. Applications
				  must be submitted on a form prescribed by MDA and must include, at a minimum, a
				  description of the eligible expenditures for which assistance is requested, the
				  amount of assistance requested, the amount of matching funds to be provided by
				  the eligible entity, and any other information required by MDA. Applications
				  must be submitted with any accompanying documentation deemed necessary by MDA.
				  The scope of site development work outlined in an application must align with
				  the development plans developed by MDA and the potential applicant. Each
				  application will be reviewed objectively on the merits of the proposed site
				  development project and its potential for resulting in a highly competitive
				  site. Grant recipients will be notified in writing of the funding
				  decision.
Miss. Code
				  Ann. §
										57-1-701
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 2 - Mississippi Site Development Grant - Select Sites Program › Rule 6-9-2.14 - Grant Awards

Current through June 25, 2024
After an application is formally approved, a grant agreement
				  outlining the project scope and allowable activities will be executed by the
				  Local Partner and MDA. Applicants will be accountable for all monies awarded
				  and responsible for the submission and tracking of all
				  expenses.
Miss. Code
				  Ann. §
										57-1-701
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 2 - Mississippi Site Development Grant - Select Sites Program › Rule 6-9-2.15 - Disbursement

Current through June 25, 2024
Grant funds will be disbursed on a reimbursement basis on a
				  drawdown schedule agreed upon by MDA. The final 10% of Select Sites grant funds
				  will be disbursed after a final report is submitted, accepted, and approved by
				  MDA. Applicants must submit a final report to MDA within 90 days of the
				  project's completion date. Projects not completed within twenty-four (24)
				  months of the execution of a grant agreement must show evidence of progress as
				  determined by MDA's Business Incentives Division in order to receive grant
				  funds. Grants approved for projects not completed within twenty-four (24)
				  months and demonstrating no tangible progress may be
				  deobligated.
Miss. Code
				  Ann. §
										57-1-701
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 2 - Mississippi Site Development Grant - Select Sites Program › Rule 6-9-2.16 - Funding Guidelines

Current through June 25, 2024
All projects receiving a grant must adhere to the following
				  rules before requests for payment can be processed and payment can be
				  made:
A. The applicant must have a
				current W-9 form with a Federal Tax ID Number on file at MDA and must be
				registered as a vendor in the State of Mississippi's MAGIC system and in
				Paymode.
B. The applicant must list
				the project name (as listed on the grant application form) and the grant fund
				number (as listed in the grant agreement) in all correspondence regarding an
				approved project.
C. A copy of
				vendor invoices and a copy of proof of payment to vendors must be provided with
				requests for payment, along with a request for payment form. (Examples of proof
				of payment include canceled checks, bank statements, vendor receipts,
				etc.)
D. MDA may conduct a final
				site inspection prior to final grant closeout.
E. The applicant must return a complete,
				final report to MDA's Business Incentives Division no later than 90 days from
				the project completion date.
F.
				Grant recipients must provide MDA with access to all studies, reports,
				documents, and/or plans developed as a result of or in conjunction with MDA
				grant funds.
G. Grant recipients
				must commit to updating MDA's Sites and Buildings database to reflect the
				improvements at the site that benefited from grant assistance and any due
				diligence updates made with grant assistance.
H. Grant recipients must agree to repay grant
				funds received if the site being developed or acquired is developed for any
				purpose other than industrial development within five (5) years of final grant
				disbursement.
I. Grant recipients
				must agree to requesting written permission from MDA to transfer the developed
				or acquired site to private ownership if the site is selected for an economic
				development project.
J. Grant
				recipients must agree to maintain the site so that it presents well to
				prospective businesses and remains a competitive site for economic development
				for a period of five (5) years from the date of final disbursement. If a site
				developed or acquired with Select Sites grant funds is not maintained for at
				least five (5) years after final grant disbursement, the recipient may be
				required to repay grant funds.
Miss. Code
				  Ann. §
										57-1-701
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 2 - Mississippi Site Development Grant - Select Sites Program › Rule 6-9-2.17 - Changes in Project Scope or Budget

Current through June 25, 2024
If a project's scope changes at any point after an
				  application has been invited, the grant recipient must write to MDA's Business
				  Incentives Division for approval of the change of scope. The letter must state
				  the project name, grant fund number (as noted in the grant agreement),
				  requested change, reasons for requesting the change, and any alterations in
				  cost. Grant funds are disbursed on a drawdown schedule determined by MDA. If
				  the completed project cost is higher than the approved project cost, Local
				  Partners will receive only the amount of grant funds awarded.
Miss. Code
				  Ann. §
										57-1-701
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 2 - Mississippi Site Development Grant - Select Sites Program › Rule 6-9-2.18 - Waiver

Current through June 25, 2024
These guidelines may be amended by MDA at any time. MDA, in
				  its discretion, may temporarily waive any requirement of the guidelines to the
				  extent that the result of such waiver is to promote the public purpose of the
				  statute and is not prohibited by State law.
Miss. Code
				  Ann. §
										57-1-701
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 3 - Mississippi Flexible Tax Incentive Program - mFLEX › Rule 6-9-3.1 - Program Objective

Current through June 25, 2024
Pursuant to Miss. Code Ann. §
									57-114-1
et seq
.,
				  the Mississippi Flexible Tax Incentive Program assists companies locating or
				  expanding into Mississippi by providing a tax credit which can be taken to
				  offset state taxes incurred during the establishment of the project. mFLEX was
				  created with the goal of simplifying the tax incentive process for potential
				  site locations and expansions as well as increasing the value of tax incentives
				  in the state by providing flexibility in the utilization of the incentive. This
				  incentive is intended to replace many of the existing tax incentives which each
				  have a separate application and approval process and provide the state with no
				  means of determining the utilization of the credit by the
				  user.
Miss. Code
				  Ann. §
										57-114-1 et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 3 - Mississippi Flexible Tax Incentive Program - mFLEX › Rule 6-9-3.2 - Program Description

Current through June 25, 2024
Through the Mississippi Flexible Tax Incentive Program, a
				  taxpayer credit is provided to a new or expanding industry based on investment,
				  job creation and average wages of the created jobs. This credit can be used to
				  offset income, franchise, sales, use, and payroll withholding taxes of the
				  industry as well as specific identified affiliates.
Miss. Code
				  Ann. §
										57-114-1 et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 3 - Mississippi Flexible Tax Incentive Program - mFLEX › Rule 6-9-3.3 - Eligible Applicants

Current through June 25, 2024
MDA will invite applications from eligible industries
				  planning to locate or expand in the state. To qualify, the applicant must
				  commit to creating a minimum of 10 new full-time jobs paying a minimum of
				  seventy-five percent (75%) of the average state or county wage
or
investing a minimum of two million, five hundred dollars ($2,500,000). The
				  following industries are eligible:
* Manufacturing, remanufacturing, assembly, processing,
				  and/or refining enterprise
* Warehouse and/or distribution enterprise
* Research or research and development enterprise
* Regional or national headquarters
* Air transportation and/or maintenance enterprise
* Data and information processing enterprise
* Technology intensive enterprise
* Data center enterprise
Miss. Code
				  Ann. §
										57-114-1 et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 3 - Mississippi Flexible Tax Incentive Program - mFLEX › Rule 6-9-3.4 - Eligibility Criteria

Current through June 25, 2024
MDA will evaluate potential projects and will invite eligible
				  project applications based on the results of that evaluation. Application
				  evaluation will include the review of available information, including:
J. Capital investment
K. Job creation
L. Average annual wages
M. Benefits, and
N. Current compliance with all state tax
				laws, ordinances, permits and approvals.
MDA may utilize information from other state and local
				  agencies to verify that all statutory requirements are met. It is the statutory
				  intent that all eligible projects requesting certification be awarded this
				  credit in lieu of the existing standard tax incentives that are statutorily
				  awarded.
Miss. Code
				  Ann. §
										57-114-1 et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 3 - Mississippi Flexible Tax Incentive Program - mFLEX › Rule 6-9-3.5 - Funding Availability

Current through June 25, 2024
The mFLEX program is not limited by funding availability, so
				  all applications that meet statutory requirements may be approved by the
				  agency. Certified credit amounts can be taken upon certification as a credit on
				  all tax returns filed by the applicant or its identified affiliates after the
				  certification date. A limit of twenty percent (20%) of the total credit awarded
				  may be applied to withholding tax liability for any given year. Credits may not
				  be used to offset tax liability incurred prior to the certification
				  date.
Miss. Code
				  Ann. §
										57-114-1 et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 3 - Mississippi Flexible Tax Incentive Program - mFLEX › Rule 6-9-3.6 - Statutory Requirements

Current through June 25, 2024
State statute provides that Mississippi Flexible Tax
				  Incentive credits be used to offset income, franchise, sales, use, and payroll
				  withholding taxes of the industry or specific identified affiliates. Certified
				  credit amounts can be taken upon certification as a credit on all tax returns
				  filed by the applicant or its identified affiliates after the certification
				  date. A limit of twenty percent (20%) of the total credit awarded may be
				  applied to payroll withholding tax liability per year. Credits may not be used
				  to offset tax liability incurred prior to the certification date.
To ensure that the credit awarded is based on the actual
				  investment, job creation, and payroll of the company, the certified applicant
				  will be required to submit annual reports to the MDA that provide the progress
				  of the project to date. Credit amounts may be adjusted based on these reports
				  and an updated credit certificate will be issued to the company as well as the
				  Department of Revenue to validate those credits are commensurate with the
				  actual project results.
Miss. Code
				  Ann. §
										57-114-1 et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 3 - Mississippi Flexible Tax Incentive Program - mFLEX › Rule 6-9-3.7 - Project Certification

Current through June 25, 2024
Upon evaluation of the project, if all requirements are met,
				  the applicant will be presented to the MDA board for approval. If approved, the
				  applicant will be required to enter into an agreement that documents the
				  following:
U. The obligation of the
				industry to provide an annual report that includes actual investment, job
				creation, and payroll in a manner prescribed by the MDA.
V. The obligation to update estimated
				investment and job creation for the remainder of the project.
W. The obligation of the industry to provide
				health insurance coverage funded at least fifty percent (50%) by the certified
				business.
X. The obligation to
				provide a summary of the tax credits taken for the reporting year by the
				applicant as well as the credits taken by each identified affiliate.
Y. Acknowledgement that if the applicant is
				awarded an mFLEX certification, specific statutory tax incentives will not be
				available to the applicant.
Z.
				Acknowledgement that the certified credit amount will be adjusted annually
				based on actual investment and job creation, as well as updated estimates for
				the project.
AA. Acknowledgement
				that failure to comply with required reporting may result in the suspension or
				revocation of all or a portion of the mFLEX credits awarded.
BB. Acknowledgement that in the event that
				credits that have been taken and are later reduced through recalculation based
				on company reporting or revocation due to failure to file the annual report
				will be recaptured by the Department of Revenue as a tax liability.
Once the applicant signs and returns the agreement, a
				  certification will be issued that documents the mFLEX credit available to the
				  applicant. A copy of the certification will also be provided to the Department
				  of Revenue for administrative oversight.
Miss. Code
				  Ann. §
										57-114-1 et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 3 - Mississippi Flexible Tax Incentive Program - mFLEX › Rule 6-9-3.8 - Calculation of mFLEX Credits

Current through June 25, 2024
MDA will calculate the initial credit amount based on the
				  following formula:
* Reported Capitalized Manufacturing Equipment Expenditures
				  multiplied by 1.5%
+
* Reported Capitalized Non-Manufacturing Equipment,
				  Furniture, and Fixtures multiplied by 7%
+
* Total construction contract(s) multiplied by 2%
+
* Wages multiplied by number of jobs multiplied by 15%
This calculation results in the
base mFLEX
				  credit
. If the applicant creates 25 jobs and pays an average annual
				  salary of 125% of the average state or county wage (or is a manufacturer,
				  invests $20,000,000 and creates a minimum of 50 jobs), the credit is increased
				  by the following premium for high paying jobs:
Payroll multiplied by number of jobs multiplied by 30% In the
				  event that the applicant elects to utilize industrial revenue bonds issued by
				  the Mississippi Business Finance Corporation, the calculation will be limited
				  as follows:
Payroll multiplied by number of jobs multiplied by 15%
This calculation results in the
IRB (Industrial Revenue
				  Bond) base mFLEX credit
If the applicant creates 25 jobs and pays an
				  average annual salary of 125% of the average state or county wage (or is a
				  manufacturer, invests $20,000,000 and creates a minimum of 50 jobs), the credit
				  is increased by the following premium for high paying jobs:
Payroll multiplied by number of jobs multiplied by
				  30%
Miss. Code
				  Ann. §
										57-114-1 et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 3 - Mississippi Flexible Tax Incentive Program - mFLEX › Rule 6-9-3.9 - mFLEX Credit Utilization

Current through June 25, 2024
Upon receipt of the certification by the applicant, certified
				  credit amounts can be taken as a credit on all Department of Revenue tax
				  returns filed by the applicant or its identified affiliates after the
				  certification date. A limit of twenty percent (20%) of the total credit awarded
				  may be applied to payroll withholding tax liability for any given year. Credits
				  may not be used to offset tax liability incurred prior to the certification
				  date.
Miss. Code
				  Ann. §
										57-114-1 et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 3 - Mississippi Flexible Tax Incentive Program - mFLEX › Rule 6-9-3.10 - Applicant Reporting Requirements

Current through June 25, 2024
Each applicant that is awarded a certification will be
				  required to complete and submit an annual report by the last business day of
				  the month following the end of the quarter during which the annual anniversary
				  of the project certification was issued. This report, along with any required
				  attachments, must be submitted to MDA in their prescribed format. This report
				  will require the following information:
* Company name and FEIN
* Total investment for the year, for the project to date, and
				  the anticipated total investment
* The total number of initial full-time jobs (for
				  expansions), the total jobs created for the reporting year, the total jobs
				  created to date, and the total anticipated jobs
* The average wages paid for new jobs created
* The percentage and number of employees who are offered
				  health insurance coverage, funded at least 50% by the employer
* A listing of affiliates, including legal entity name and
				  FEIN, that may utilize the mFLEX credit awarded.
* A summary of the tax credits taken for the reporting year
				  and to date by the applicant as well as the credits taken by each identified
				  affiliate.
Any approved or awarded applicant that fails to comply will
				  be notified by MDA and will be given 30 days to submit the required reporting.
				  Failure to comply with required reporting may result in the suspension or
				  revocation of all or a portion of the mFLEX credits awarded. This decision is
				  at the discretion of the MDA.
The informational report must be filed annually for a minimum
				  of seven years, but if the applicant has not utilized all available credits,
				  then annual reports must be filed until all credits have been used or the
				  credits expire, 10 years after the date of the certificate.
Miss. Code
				  Ann. §
										57-114-1 et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 3 - Mississippi Flexible Tax Incentive Program - mFLEX › Rule 6-9-3.11 - mFLEX Credit Adjustment and Certification

Current through June 25, 2024
Based on the information provided in the entity's annual
				  report, MDA will identify any adjustment to the initial estimates provided by
				  the applicant. Adjustments to the certification may include:
* Updates to the demographic and contact information of the
				  company
* Updates to the approved affiliates
* Updates to the mFLEX credit available.
mFLEX credit updates may cause the total credit amount to
				  increase or decrease and may occur for the following reasons:
* Updates to the project estimates (jobs, wages and
				  investment)
* Updates to the actual investment made
* Updates to the actual jobs created.
Once the project is completed, no additional updates can be
				  made to the investment estimate. A copy of the updated certification will be
				  provided to the Department of Revenue to ensure that the correct credit amount
				  is being utilized.
Miss. Code
				  Ann. §
										57-114-1 et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 3 - Mississippi Flexible Tax Incentive Program - mFLEX › Rule 6-9-3.12 - MDA Reporting Requirements for mFLEX

Current through June 25, 2024
All mFLEX applications and annual reports are exempt from the
				  Freedom of Information Act. MDA is statutorily required to provide copies of
				  each mFLEX agreement, mFLEX certification, and mFLEX certification amendment to
				  the Governor, Lieutenant Governor, and Speaker of the House the calendar
				  quarter following the quarter the document is certified. This information will
				  be documented as confidential and will not be released to the public.
MDA will include mFLEX incentives in their annual incentive
				  report, but each company certified will include only summary
				  data.
Miss. Code
				  Ann. §
										57-114-1 et seq.; Miss Code Ann
				  Section 57-1-14
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 3 - Mississippi Flexible Tax Incentive Program - mFLEX › Rule 6-9-3.13 - Changes in Project Scope or Budget

Current through June 25, 2024
If a project's scope changes at any point after
				  certification, the mFLEX credit recipient must provide an update using the
				  annual update form and include the project name, requested change, reasons for
				  requesting the change, and any alterations in investment and/or job creation
				  and wages. If the completed project cost is higher than the approved project
				  cost, the mFLEX credit will be increased to accommodate the change. Likewise,
				  reductions in investment, jobs, and/or wages could result in a decrease in the
				  mFLEX credit.
Miss. Code
				  Ann. §
										57-114-1 et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 3 - Mississippi Flexible Tax Incentive Program - mFLEX › Rule 6-9-3.14 - Compliance with Federal Immigration Laws and Mississippi Employment Protection Act

Current through June 25, 2024
The company is required to ensure compliance with the
				  Mississippi Employment Protection Act ("MEPA"), Miss. Code. Ann. §
									71-11-3
et seq
.,
				  and must ensure that the entity registers and participates in the status
				  verification system for all newly hired employees. Under MEPA, the term
				  "employee" means any person that is hired to perform work within the State of
				  Mississippi. As used in MEPA, "status verification system" means the Illegal
				  Immigration Reform and Immigration Responsibility Act of 1996 that is operated
				  by the United States Department of Homeland Security, also known as the
				  E-Verify Program, or any other successor electronic verification system
				  replacing the E-Verify Program. The company must maintain records of such
				  compliance and, upon request of the State of Mississippi and approval of the
				  Social Security Administration or Department of Homeland Security, where
				  required, to provide a copy of each such verification to the State. Any person
				  assigned to perform services must meet the employment eligibility requirements
				  of all federal and state immigration laws. Any breach may subject the company
				  to the following:
(a) termination of
				the Agreement and ineligibility for any assistance, grant or state or public
				contract in Mississippi for up to three (3) years, with notice of such
				cancellation/termination being made public, or
(b) the loss of any license, permit,
				certification or other document granted to the company by an agency, department
				or governmental entity for the right to do business in Mississippi for up to
				one (1) year, or
(c) both. In the
				event of such termination/cancellation, the Company is also liable for any
				additional costs incurred by the State.
Miss. Code
				  Ann. §
										71-11-3; Miss. Code Ann. §
										57-1-371; Miss. Code Ann. §
										57-1-373.
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 3 - Mississippi Flexible Tax Incentive Program - mFLEX › Rule 6-9-3.15 - Waiver

Current through June 25, 2024
These rules and regulations may be amended by MDA at any
				  time. MDA, in its discretion, may temporarily waive any requirement of the
				  rules and regulations to the extent that the result of such waiver is to
				  promote the public purpose of the statute and is not prohibited by State
				  law.
Inquiries should be directed to:
Mississippi Development Authority
Attn: Business Incentives Division
P.O. Box 849
Jackson, MS 39205
Miss. Code
				  Ann. §
										57-114-1 et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 4 - Small Business Loan Guarantee Program › Rule 6-9-4.1 - Program Objective

Current through June 25, 2024
The American Rescue Plan Act of 2021 (ARPA) reauthorizes and
				  amends the Small Business Jobs Act (SBJA) of 2010, which established the State
				  Small Business Credit Initiative (SSBCI) Program. Through the SSBCI, the State
				  of Mississippi was allocated funds for the Small Business Loan Guarantee
				  Program (SBLGP) which will be administered by the Mississippi Development
				  Authority (MDA). This program is designed to facilitate capital accessibility
				  for small businesses by providing loan guaranties to banks and other small
				  business lenders. The program's purpose is to enable lenders to make term loans
				  or provide lines of credit to new or existing small businesses in a difficult
				  credit environment. This is designed to help with the development, expansion,
				  and retention of Mississippi's small businesses.
Miss. Code
				  Ann. §
										57-10-601;
				  12 USC §
											5701 et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 4 - Small Business Loan Guarantee Program › Rule 6-9-4.2 - Eligibility Criteria

Current through June 25, 2024
Eligible borrowers may include businesses that are new or
				  existing small businesses in Mississippi with up to 500 employees and less than
				  $10,000,000 in gross revenues or $2,500,000 in profit after taxes, or is a
				  Mississippi nonprofit organization when the financing is used for a "business
				  purpose."
All financial institutions must be preapproved by MDA before
				  they are able to participate in the program. Eligible financial institutions
				  may include:
* Commercial Bank
* Savings Bank
* Federal Land Bank
* Farm Credit Bank, Agricultural Credit Association, or other
				  farm credit agency
* Community Development Corporations
* Community Development Financial Institutions
Additionally, eligible loans must be used for a business
				  purpose. This can include but is not limited to:
* New business startup costs,
* Working capital,
* The purchase of equipment, inventory, land, buildings, and
				  machinery,
* Construction,
* Remodeling or renovation, or
* Tenant improvements of an eligible place of business that
				  is not for passive real estate investment purposes
Miss. Code
				  Ann. §
										57-10-601;
				  12 USC §
											5701 et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 4 - Small Business Loan Guarantee Program › Rule 6-9-4.3 - Lender Participation

Current through June 25, 2024
To be considered for enrollment in the
				  program
,
an eligible financial institution must be approved
				  for participation by the MDA. The financial institution must submit an
				  application for participation. The application document and list of required
				  attachments will be reviewed by MDA and considered for approval for
				  participation in the program.
Miss. Code
				  Ann. §
										57-10-601;
				  12 USC §
											5701 et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 4 - Small Business Loan Guarantee Program › Rule 6-9-4.4 - Lender Agreement

Current through June 25, 2024
The MDA-approved financial institution will be required to
				  enter into the Small Business Loan Guarantee Program Agreement. This agreement
				  establishes the terms and conditions of the program and obligates the lender to
				  meet the program's requirements.
Miss. Code
				  Ann. §
										57-10-601;
				  12 USC §
											5701 et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 4 - Small Business Loan Guarantee Program › Rule 6-9-4.5 - Eligible Borrowers

Current through June 25, 2024
An eligible borrower must be either a new or existing
				  Mississippi small business, a business locating in Mississippi, a Mississippi
				  nonprofit entity (but only if the loan is for an eligible business purpose).
				  Additionally, the borrower must have less than 500 employees. If the borrower
				  is an existing business, it must have earned less than either $10,000,000 in
				  gross revenues or less than $2,500,000 in profit after taxes in the most recent
				  completed fiscal year. The borrower must be credit worthy and demonstrate the
				  ability to repay the loan. They also must be in compliance with all state and
				  federal regulatory agencies and must not be in default on any previous debt or
				  obligation with the state or federal government.
Miss. Code
				  Ann. §
										57-10-601;
				  12 USC §
											5701 et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 4 - Small Business Loan Guarantee Program › Rule 6-9-4.6 - Ineligible Uses of Funding

Current through June 25, 2024
SBLGP transactions may not have certain features, including
				  any of the following: confessions of judgment, prepayment or "double-dipping"
				  fees, or up front fees or charges paid by the small business, excluding fees to
				  the program, that exceed two percent for loans greater than $25,000 or $500 for
				  loans under $25,000.
Under the program, the borrower may not use the loans for any
				  of the following uses or purposes:
* Refinance existing debt unless the debt is from a
				  non-affiliated lender*
* Used in conjunction with other federal loans or
				  guaranties
* Finance the acquisition, construction, improvement, or
				  operation of real property, which is to be held primarily for sale or
				  investment, such as commercial real estate ownership
* Finance any business engaged in lending, directly or
				  indirectly
* Finance of a nonbusiness purpose
* Repayment of delinquent federal or state income
				  taxes
* Reimburse funds owed to any owner, including any equity
				  injection
* A lender may refinance a borrower's existing loan, line of
				  credit, extension of credit, or other debt originally made by an unaffiliated
				  lender only if the following conditions are met:
* The amount of the refinanced loan or other debt is at least
				  150 percent of the previous outstanding balance,
* The transaction results in a 30 percent reduction in the
				  fee-adjusted APR contracted for the term of the new debt, and
* Proceeds of the transaction are not used to finance an
				  extraordinary dividend or other distribution.
Miss. Code
				  Ann. §
										57-10-601;
				  12 USC §
											5701 et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 4 - Small Business Loan Guarantee Program › Rule 6-9-4.7 - Guarantee Percentage

Current through June 25, 2024
The percentage of the loan guarantee will be determined by
				  the type of loan, and the risk profile of the loan. To determine the percentage
				  of guarantee approved for each loan, the guarantee application will be reviewed
				  by the MDA's Small Business Loan Guarantee Review Committee. The committee will
				  consider credit history, experience and history of the borrower, collateral
				  coverage, and job creation in its evaluation and will set the guarantee
				  percentage based on these factors.
Loans for working capital, lines of credit, and accounts
				  receivable will be eligible for a loan guarantee of sixty percent (60%).
Loans to finance fixed assets, such as equipment and real
				  estate, will be eligible for a loan guarantee of up to eighty percent
				  (80%).
Miss. Code
				  Ann. §
										57-10-601;
				  12 USC §
											5701 et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 4 - Small Business Loan Guarantee Program › Rule 6-9-4.8 - Loan and Guarantee Amount and Guarantee Terms

Current through June 25, 2024
The amount of the loan guarantee will not exceed eighty
				  percent (80%) of the loan amount or $750,000, whichever is less. Only with the
				  express written consent of the MDA, may a lender be allowed to request a
				  guarantee on the principal loan amount of up to $5,000,000. The minimum amount
				  for an SBLGP eligible loan will not be less than $50,000.
Loans for working capital, lines of credit, and accounts
				  receivable will have a maximum guarantee term of five (5) years.
Loans to finance fixed assets, such as equipment and real
				  estate, will be eligible for a guarantee term of up to fifteen (15) years. The
				  term will not exceed the useful life of the assets that are securing the loan
				  or being financed with a maximum term of fifteen (15) years.
The term of the SBLGP guarantee shall match the term of the
				  financial institution's loan, up to the maximum of fifteen (15) years
				  (amortization may exceed the loan term).
Miss. Code
				  Ann. §
										57-10-601;
				  12 USC §
											5701 et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 4 - Small Business Loan Guarantee Program › Rule 6-9-4.9 - Interest Rate

Current through June 25, 2024
Per U.S. Treasury guidelines, the interest rate may not
				  exceed the National Credit Union Administration's interest rate ceiling.
				  Interest shall be charged on the SBLGP guaranteed loan and payment terms are
				  negotiated between the lender and the borrower.
Miss. Code
				  Ann. §
										57-10-601;
				  12 USC §
											5701 et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 4 - Small Business Loan Guarantee Program › Rule 6-9-4.10 - Guarantee Application Process

Current through June 25, 2024
A borrower must first identify a partnering financial
				  institution that is willing to participate in the SBLGP and its parameters. The
				  MDA staff may provide a list of participating lenders should the borrower need
				  it.
The financial institution will originate the guarantee
				  application for an eligible business and loan and all required documentation.
				  This must include:
* A loan narrative describing the project,
* An overview of the business,
* The purpose of the loan, and
* The proposed use of the loan proceeds.
The financial institution must provide MDA with a Servicing
				  Agreement Letter, certifying to act as the collection and service agent for the
				  guaranteed loan and agreeing to program terms and conditions.
All transactions will be presented for consideration to the
				  MDA's Small Business Loan Guarantee Review Committee. The committee will review
				  each application and determine the guarantee percentage for the loan, based on
				  credit history, experience and history of the borrower, collateral coverage,
				  and job creation.
Once the review committee has approved a guarantee
				  application and percentage, the guarantee commitment is valid for ninety (90)
				  days. If the loan has not closed within ninety (90) days, updated information
				  may be required, and the loan may be resubmitted to the review committee for
				  approval before the loan can proceed to closing.
The Financial Institution may be asked to provide, in
				  writing, all required information for the preparation of any SBLGP loan closing
				  documents.
Miss. Code
				  Ann. §
										57-10-601;
				  12 USC §
											5701 et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 4 - Small Business Loan Guarantee Program › Rule 6-9-4.12 - Waiver

Current through June 25, 2024
These rules and regulations may be amended by MDA at any
				  time. MDA, in its discretion, may temporarily waive any requirement of the
				  rules and regulations to the extent that the result of such waiver is to
				  promote the public purpose of the statute and is not prohibited by State
				  law.
Miss. Code
				  Ann. §
										57-10-601.
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 4 - Small Business Loan Guarantee Program › Rule 6-9-4.13 - Debarment and Suspension Policy

Current through June 25, 2024
To protect the public trust and interest imposed upon the
				  MDA, if it appears that the Company and/or its agent's conduct, as determined
				  by MDA, creates a reasonable belief that a particular act or omission that is
				  covered by this policy has occurred, the MDA shall implement such discretionary
				  actions known as debarment and suspension. At the time the Company files an
				  application for the tax credit, they must maintain that there is no action,
				  suit proceeding or investigation at law or in equity before or by any court or
				  governmental agency or body pending or, to the best knowledge of the Company,
				  after reasonable investigation and due inquiry, threatened against the Company
				  in any way contesting or affecting the validity of this Agreement or contesting
				  the powers of the Company to adopt, enter into or perform its obligations under
				  this Agreement or materially and adversely affecting the properties or
				  condition (financial or otherwise) or existence or powers of the
				  Company.
Inquiries should be directed to:
Mississippi Development Authority
Attn: Business Incentives Division
P.O. Box 849
Jackson, MS 39205
Miss. Code
				  Ann. §
										57-10-601.
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 5 - Mississippi Community Development Financial Institution (CDFI) Small Business Loan Fund Program › Rule 6-9-5.1 - Program Objective

Current through June 25, 2024
The Mississippi CDFI Small Business Loan Fund Program (SBLF)
				  is designed to facilitate capital accessibility for small businesses unable to
				  access traditional bank debt by providing matching funds for CDFI loan funds.
				  The program's purpose is to enable participating CDFI loan funds to make loans
				  and provide lines of credit, or other appropriate debt financing, to new or
				  existing small businesses in a difficult credit environment. This is projected
				  to help with the development, expansion, and retention of Mississippi's small
				  businesses. The SBLF will provide these expanded funding opportunities to
				  Mississippi small businesses, startups, and entrepreneurs by providing low-cost
				  debt to CDFI loan funds with established track records of serving Mississippi
				  businesses. The loans are administered by the Mississippi Development Authority
				  (MDA).
Miss. Code
				  Ann. §
										57-10-601;
				  12 USC §
											5701 et seq.