reglab/statecodes huggingface dataset:
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 14 - Mississippi Small Enterprise Development (SED) Finance Act › Rule 6-1-14.6 - Maximum Loan Amount

Current through June 25, 2024
The maximum amount of an SED loan, when added to all capital
				  expenditures of the Borrower and certain facility users and related persons
				  made in the small community in which the Project is located, cannot exceed
				  $10,000,000, during the period commencing three (3) years prior to the date of
				  the issuance of the Bonds and ending three (3) years
				  thereafter.
Miss. Code Ann. §
										57-71-1
				  et. seq. (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 14 - Mississippi Small Enterprise Development (SED) Finance Act › Rule 6-1-14.7 - Costs

Current through June 25, 2024
Under State and federal laws, the proceeds of a loan may be
				  used by a Borrower to finance the following ("Eligible Costs"):
A. The acquisition of raw land to the extent
				of twenty-five percent (25 %) of the loan proceeds;
B. Acquisition, construction, rehabilitation,
				improvement, and expansion of buildings and other improvements;
(i). (
NOTE:
The loan may not be
				used to acquire an existing building unless an amount equal to fifteen percent
				(15%) of the building cost, separate and apart from land costs, is used for
				renovation or improvement purposes.);
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 14 - Mississippi Small Enterprise Development (SED) Finance Act › Rule 6-1-14.8 - Letter of Credit

Current through June 25, 2024
The SED program gives all financial institutions in
				  Mississippi meeting MBFC criteria an opportunity to issue letters of credit to
				  support local economic development efforts. Financial institutions will be
				  required to furnish year-end statements for the past three (3) years and its
				  most recent call report to MBFC.
Miss. Code Ann. §
										57-71-1
				  et. seq. (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 14 - Mississippi Small Enterprise Development (SED) Finance Act › Rule 6-1-14.9 - General

Current through June 25, 2024
The proceeds from the issuance of Bonds will be loaned to
				  the Borrower to be applied to the payment of Eligible Costs of the Project.
				  Such loan made by MBFC will not exceed two million dollars ($2,000,000) in the
				  aggregate to any one Borrower, and the term shall not exceed fifteen (15)
				  years. The rate on the loan will be a fixed rate of interest equal to the net
				  interest rate on the Bonds plus annual fees as hereinafter
				  defined.
Miss. Code Ann. §
										57-71-1
				  et. seq. (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 14 - Mississippi Small Enterprise Development (SED) Finance Act › Rule 6-1-14.10 - Limits

Current through June 25, 2024
The loan cannot be used to refinance existing debt, (except
				  for Eligible Costs of the Project incurred subsequent to the date of inducement
				  such as a construction loan), and shall not exceed ninety percent (90%) of the
				  fair market value of the real and/or personal property acquired or constructed
				  with the loan proceeds as determined by certified appraisal. The loan will be
				  secured by a first mortgage lien on the Project and a direct pay letter of
				  credit.
Miss. Code Ann. §
										57-71-1
				  et. seq. (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 14 - Mississippi Small Enterprise Development (SED) Finance Act › Rule 6-1-14.11 - Loan Agreement

Current through June 25, 2024
To evidence each loan, MBFC, a Servicing Trustee, and the
				  Borrower will enter into a loan agreement ("Loan Agreement") under which the
				  Borrower will agree to make payments in such amounts, in the manner and at such
				  times as MBFC shall determine which payment shall be sufficient to pay the
				  principal and interest on the Bonds and the annual fees of MBFC. Before
				  entering into the Loan Agreement, the Borrower will be required to indemnify
				  MBFC and the State in connection with the issuance of the Bonds and the loan
				  ("Indemnity Letter"). The debt service on the Bonds and all expenses related to
				  the issuance of the Bonds shall be paid by Borrowers participating in the
				  program. The Borrower shall have the right under the Loan Agreement to make an
				  advance prepayment of the loan upon such terms and conditions as MBFC may
				  allow.
Miss. Code Ann. §
										57-71-1
				  et. seq. (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 14 - Mississippi Small Enterprise Development (SED) Finance Act › Rule 6-1-14.12 - General

Current through June 25, 2024
A financial institution ("Financial Institution") issuing a
				  letter of credit must be approved by MBFC. The letter of credit must be an
				  irrevocable direct pay letter of credit in an amount of one hundred three
				  percent (103%) of the loan plus two hundred ten (210) days interest thereon.
				  The Financial Institution must allow for the assignment of the letter of credit
				  by the Borrower. The letter of credit, to be delivered at the closing of the
				  Borrower's loan, will be for a term of not less than five (5) years and will
				  consist of semi-annual interest and annual principal
				  payments.
Miss. Code Ann. §
										57-71-1
				  et. seq. (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 14 - Mississippi Small Enterprise Development (SED) Finance Act › Rule 6-1-14.13 - Limits

Current through June 25, 2024
The annual cost of the letter of credit shall not exceed two
				  percent (2%) of the outstanding principal balance of the loan plus two hundred
				  ten (210) days interest. If a letter of credit is not renewed upon expiration,
				  MBFC shall draw upon the letter of credit for full payment of the outstanding
				  principal and accrued interest of the loan, including any penalties or other
				  costs.
Miss. Code Ann. §
										57-71-1
				  et. seq. (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 14 - Mississippi Small Enterprise Development (SED) Finance Act › Rule 6-1-14.14 - Reimbursement Agreement

Current through June 25, 2024
The Financial Institution issuing the letter of credit will
				  enter into a reimbursement agreement ("LOC Agreement") with the Borrower
				  whereunder the Borrower will agree, among other things, to repay the Financial
				  Institution for any amounts it has advanced and other costs associated with the
				  letter of credit.
Miss. Code Ann. §
										57-71-1
				  et. seq. (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 14 - Mississippi Small Enterprise Development (SED) Finance Act › Rule 6-1-14.15 - Reimbursement Agreement Prerequisite

Current through June 25, 2024
As a prerequisite to the LOC Agreement, the Borrower may be
				  required to provide the Financial Institution the following:
A. Certain positive and/or negative financial
				covenants;
B. Grant liens or
				security interests in assets of the Borrower or its affiliates or
				stockholders;
C. Personal and/or
				corporate guarantees; and
D. Such
				other assurances as may be mutually agreed upon.
Miss. Code Ann. §
										57-71-1
				  et. seq. (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 14 - Mississippi Small Enterprise Development (SED) Finance Act › Rule 6-1-14.16 - General

Current through June 25, 2024
SED Program documents may be obtained from MBFC. Three (3)
				  copies of the completed application, along with the non-refundable application
				  fee, must be filed by the Borrower with the MBFC staff in order to initiate the
				  review process. Other documents which must accompany the application are a
				  letter of intent from a Financial Institution to issue a letter of credit and
				  an Indemnity Letter executed by the Borrower. If the application is denied by
				  the staff, the Borrower will be advised.
Miss. Code Ann. §
										57-71-1
				  et. seq. (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 14 - Mississippi Small Enterprise Development (SED) Finance Act › Rule 6-1-14.17 - Approval

Current through June 25, 2024
Upon approval of the application by the staff, the Borrower
				  will be informed of the date of presentation of the Project to the MBFC Board
				  of Directors (the "Board"). The staff recommendation will be in the form of an
				  inducement resolution outlining the scope of the Project. The Borrower will be
				  notified of the action taken by the Board.
Miss. Code Ann. §
										57-71-1
				  et. seq. (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 14 - Mississippi Small Enterprise Development (SED) Finance Act › Rule 6-1-14.18 - Obligations of the State

Current through June 25, 2024
It should be noted, however, that under the terms of the
				  Indemnity Letter, neither the State nor MBFC has any obligation, financial or
				  otherwise, to any Borrower or other person for the failure of the State to
				  issue, sell, or deliver its Bonds.
Miss. Code Ann. §
										57-71-1
				  et. seq. (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 14 - Mississippi Small Enterprise Development (SED) Finance Act › Rule 6-1-14.19 - Application Fee

Current through June 25, 2024
The Borrower will be required to pay to MBFC, concurrently
				  with the submission of the application, a nonrefundable application fee in the
				  amount of five hundred dollars ($500). The Borrower may also expect to pay a
				  processing fee to the issuer of the letter of credit in such amount as is
				  customarily charged by such institution for reviewing and processing
				  applications.
Miss. Code Ann. §
										57-71-1
				  et. seq. (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 14 - Mississippi Small Enterprise Development (SED) Finance Act › Rule 6-1-14.20 - Closing Costs

Current through June 25, 2024
Closing costs include the cost of legal services, financial
				  advisor fees, or other professional services employed by MBFC in reviewing or
				  closing the loan and in relation to the State's issuance of Bonds which is
				  estimated to be three percent (3 %) of the loan amount. Prior to the sale of
				  the Bonds, the Borrower will be required to provide a good faith deposit which
				  represents two percent (2%) of the loan amount. Such deposit will be applied
				  toward the Borrower's pro rata share of the costs set forth
				  herein.
Miss. Code Ann. §
										57-71-1
				  et. seq. (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 14 - Mississippi Small Enterprise Development (SED) Finance Act › Rule 6-1-14.21 - Annual Fees

Current through June 25, 2024
Annual fees are composed of:
A. MIBFC Servicing Fee, which equals
				one-eighth (1/8) of one percent (1 %) of the outstanding principal balance of
				the loan, will be collected annually on the principal payment due date. The
				Servicing Trustee will invoice each Borrower for this fee.
B. Servicing Trustee Fee is estimated to be
				one-eighth (1/8) of one percent (1 %) of the outstanding principal balance of
				the loan. The Servicing Trustee will collect this fee on the annual principal
				payment date.
C. Letter of Credit
				Bank Fee, which is negotiable, cannot exceed two percent (2 %) of the
				outstanding balance of the loan and will be based on a schedule and amount
				initially agreed upon by the Borrower.
These fees cannot be paid out of loan
				  proceeds.
Miss. Code Ann. §
										57-71-1
				  et. seq. (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 14 - Mississippi Small Enterprise Development (SED) Finance Act › Rule 6-1-14.22 - General

Current through June 25, 2024
All loan and mortgage documents shall be executed and
				  delivered prior to disbursement of any SED funds.
Miss. Code Ann. §
										57-71-1
				  et. seq. (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 14 - Mississippi Small Enterprise Development (SED) Finance Act › Rule 6-1-14.23 - Reimbursement Process

Current through June 25, 2024
MBFC will release loan funds on a reimbursement basis for
				  Eligible Costs of the Project as incurred. Funds will be released periodically
				  upon receipt of documentation in support thereof from the Borrower or delivery
				  of a certificate of completion of the Borrower. Requests for SED funds will be
				  submitted to the Servicing Trustee for verification of compliance with the
				  terms of the loan documents. These requests must be submitted to the Servicing
				  Trustee between the first and the fifth of the month in order for the Borrower
				  to receive SED funds within the same monthly time period. MBFC will process the
				  approved request within a two-week period and funds will be disbursed to the
				  Servicing Trustee for reimbursement to the Borrower.
Miss. Code Ann. §
										57-71-1
				  et. seq. (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 14 - Mississippi Small Enterprise Development (SED) Finance Act › Rule 6-1-14.24 - Loan Assignments

Current through June 25, 2024
A loan may be assigned and assumed by a different Borrower
				  upon the transfer or conveyance of a Project, provided that, (a) the new
				  Borrower assumes all of the obligations of the assigning Borrower under the
				  Loan Agreement and all other applicable documents; (b) the new Borrower at the
				  time of such assignment qualifies under existing provisions of the Act, federal
				  laws, and program guidelines; and (c) the assignment and assumption is approved
				  by the issuer of the letter of credit and MBFC.
Miss. Code Ann. §
										57-71-1
				  et. seq. (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 14 - Mississippi Small Enterprise Development (SED) Finance Act › Rule 6-1-14.25 - Program Guideline Amendments and Waivers

Current through June 25, 2024
These guidelines may be amended by MBFC at any time. MBFC,
				  in its discretion, may temporarily waive any requirement of these guidelines to
				  the extent that the result of such waiver is to promote the public purposes of
				  the Act and is not prohibited by State or federal laws.
Miss. Code Ann. §
										57-71-1
				  et. seq. (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 15 - Amended Port Revitalization Revolving Loan Program › Rule 6-1-15.1 - Purpose

Current through June 25, 2024
The Mississippi Port Revitalization Revolving Loan Program
				  ("Port Loan Program"), administered by the Mississippi Development Authority
				  ("MDA") is designed for making loans to state, county, or municipal port
				  authorities ("Local Sponsors") for the improvement of port facilities to
				  promote commerce and economic growth in the state of Mississippi ("State").
				  Funding for loans to Local Sponsors is derived from the issuance of State bonds
				  or notes. The Port Loan Program was enacted by the State Legislature during the
				  Regular 1992 Session.
Miss. Code
				  Ann. §
										57-61-41
				  (Rev. 2008).
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 15 - Amended Port Revitalization Revolving Loan Program › Rule 6-1-15.2 - Local Sponsors

Current through June 25, 2024
Local Sponsors considered to be eligible applicants are
				  state, county, and municipal ports authorized to operate in the State. In order
				  to obtain assistance under the Port Loan Program, a Local Sponsor's governing
				  authority ("Governing Authority") must submit an application to MDA, which will
				  forward copies of such application to members of the Water Resources Council
				  Committee for review. Within fourteen (14) days of receipt of the application,
				  the Water Resources Council Committee will make a written recommendation to MDA
				  specifically outlining their assessment of the application.
Miss. Code
				  Ann. §
										57-61-41
				  (Rev. 2008).
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 15 - Amended Port Revitalization Revolving Loan Program › Rule 6-1-15.3 - Eligible Projects

Current through June 25, 2024
Projects which are eligible for assistance must be directly
				  related to the port facility and are limited to construction, expansion,
				  improvements, rehabilitation, or repair of:
A. Dock and channel sites to include
				dredging;
B. Drainage
				systems;
C. Energy facilities
				(power generation and distribution);
D. Sewer systems (pipe treatment);
E. Transportation facilities directly
				affecting the site, including roads, sidewalks, bridges, rail lines, rivers, or
				pipelines;
F. Building;
G. Water supply systems (storage, treatment,
				and distribution);
H. Marine
				structures;
I. Equipment necessary
				for port operation; and
J. Land
				improvements.
Miss. Code
				  Ann. §
										57-61-41
				  (Rev. 2008).
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 15 - Amended Port Revitalization Revolving Loan Program › Rule 6-1-15.4 - Limits

Current through June 25, 2024
Loan funds may not be used for working capital by the port
				  facility, nor to provide facilities for utilization by a gambling
				  vessel.
Miss. Code
				  Ann. §
										57-61-41
				  (Rev. 2008).
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 15 - Amended Port Revitalization Revolving Loan Program › Rule 6-1-15.5 - Local Sponsor Application

Current through June 25, 2024
The application to be submitted by a Local Sponsor must
				  include:
A. The purpose of the proposed
				loan including a list of eligible items and the cost of each;
B. The estimated cost of the total project, a
				description of the Local Sponsor's investment in the project, and all public or
				private sources of funding;
C. The
				time schedule for implementation and completion of the project, evidencing an
				expeditious completion of the project;
D. A statement of intention to operate the
				project for a time period equal to the term of the loan;
E. Certified proofs of publication of the
				Resolution of Intention of the Governing Authority to apply for Port Loan
				funds. (Examples of the Resolution, which must be published once a week for at
				least four (4) consecutive weeks in a newspaper having general circulation in
				the county, may be found as Exhibit A or B. Upon receiving the results of the
				publication of the Resolution of Intention, the Governing Authority will need
				to provide MDA with an executed Resolution of No Protest;
F. A statement that the specific improvements
				are necessary for the efficient and cost- effective operation of the port
				and/or the project, together with supporting financial and engineering
				documentation;
G. A statement of
				willingness to comply with nondiscrimination and equal employment opportunity
				requirements; and
H. Current
				employment levels at the project site and estimated increases, if any, as a
				result of financing the project.
Miss. Code
				  Ann. §
										57-61-41
				  (Rev. 2008).
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 15 - Amended Port Revitalization Revolving Loan Program › Rule 6-1-15.6 - Evaluation

Current through June 25, 2024
Four (4) copies of the application must be submitted to MDA.
				  MDA will evaluate the application and the Water Resources Council Committee's
				  recommendation to determine if the project meets the program criteria and what
				  terms and conditions the loan should bear.
Miss. Code
				  Ann. §
										57-61-41
				  (Rev. 2008).
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 15 - Amended Port Revitalization Revolving Loan Program › Rule 6-1-15.7 - General Loan Terms

Current through June 25, 2024
The maximum amount, which may be loaned from Port Loan Funds
				  to finance any one project, is $1,000,000. Port Loan Funds may be used for one
				  hundred percent (100%) project financing. The maximum term will be for up to
				  ten (10) years with an interest rate of one percent (1%) per
				  annum.
Miss. Code
				  Ann. §
										57-61-41
				  (Rev. 2008).
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 15 - Amended Port Revitalization Revolving Loan Program › Rule 6-1-15.8 - Principal and Interest

Current through June 25, 2024
The principal and interest will be paid on an annual basis
				  and will be used to fund future loans under the Port Loan
				  Program.
Miss. Code
				  Ann. §
										57-61-1
				  (Rev. 2008).
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 15 - Amended Port Revitalization Revolving Loan Program › Rule 6-1-15.9 - Liens

Current through June 25, 2024
If applicable, MDA may require a lien on the improvements
				  made at a port for the benefit of a private company. The private company must
				  be willing to grant a lien or to provide collateral (e.g., a letter of credit,
				  corporate or personnel guarantees) in an amount and manner to be determined by
				  MDA.
Miss. Code
				  Ann. §
										57-61-1
				  (Rev. 2008).
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 15 - Amended Port Revitalization Revolving Loan Program › Rule 6-1-15.10 - Penalties

Current through June 25, 2024
Local Sponsors who fail to meet repayment obligations shall
				  cause all or part of the Local Sponsor's Governing Authority's sales tax
				  allocation and/or homestead exemption reimbursement to be withheld or shall be
				  subject to such other penalties as MDA may prescribe.
Miss. Code
				  Ann. §
										57-61-41
				  (Rev. 2008).
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 15 - Amended Port Revitalization Revolving Loan Program › Rule 6-1-15.11 - General

Current through June 25, 2024
A Loan Agreement and Promissory Note ("Loan Documents") will
				  be executed between the Local Sponsor, the Governing Authority, and MDA. The
				  Loan Documents are required for disbursement of funds and cannot be executed
				  until all required conditions in these guidelines have been
				  met.
Miss. Code
				  Ann. §
										57-61-41
				  (Rev. 2008).
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 15 - Amended Port Revitalization Revolving Loan Program › Rule 6-1-15.12 - Reimbursement Process

Current through June 25, 2024
The State will release loan funds on a reimbursement basis
				  for approved eligible costs of the project as incurred. The Local Sponsor shall
				  certify to MDA during construction that the expenses were incurred and were in
				  accordance with the plans approved by MDA. Funds will be released periodically
				  upon receipt of supporting documentation from the Local Sponsor. Funds may not
				  be drawn down more frequently than monthly.
Miss. Code
				  Ann. §
										57-61-41
				  (Rev. 2008).
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 15 - Amended Port Revitalization Revolving Loan Program › Rule 6-1-15.13 - Audit

Current through June 25, 2024
Loans made under the Port Loan Program are subject to audit
				  by the State Authority of Audit.
Miss. Code
				  Ann. §
										57-61-41
				  (Rev. 2008).
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 15 - Amended Port Revitalization Revolving Loan Program › Rule 6-1-15.14 - Waiver

Current through June 25, 2024
These guidelines may be amended by MDA at anytime. 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
				  Act and is not prohibited by State Law.
Miss. Code
				  Ann. §
										57-61-41
				  (Rev. 2008).
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 15 - Amended Port Revitalization Revolving Loan Program › Rule 6-1-15.15 - Compliance with Federal Immigration Laws and Mississippi Employment Protection Act

Current through June 25, 2024
Local Sponsors and/or Project contractors are required to
				  ensure compliance with the Mississippi Employment Protection Act ("MEPA"),
				  Miss. Code. Ann. §
									71-11-3
				  et seq., and must ensure that the Local Sponsor and/or Project contractors
				  register and participate in the status verification system for all newly hired
				  employees. The term "employee" as used herein means any person that is hired to
				  perform work within the State of Mississippi. As used herein, "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. Local Sponsor
				  and/or Project contractors 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 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 Local Sponsor and/or
				Project contractor would also be liable for any additional costs incurred by
				the State due to contract cancellation or loss of license or permit.
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 1 - Financial Resources › Chapter 16 - The Mississippi Motion Picture Production Incentive Program › Rule 6-1-16.1 - Purpose

Current through June 25, 2024
The Mississippi Motion Picture Incentive Program provides a
				  cash rebate on eligible expenditures, payroll, and fringes. This program is
				  available for nationally distributed motion pictures, television programs,
				  DVDs, documentaries, short films, commercials for network or cable broadcast,
				  video games, and stand-alone post production and includes animation,
				  interactive media, 3D applications, cinematics, visual effects, and motion
				  capture. National distribution includes theatrical, broadcast, direct to
				  DVD/video, festival screening, streaming video, and internet delivery.
Miss. Code Ann. §
										57-89-1 et
				  seq. (Rev. 2014)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 16 - The Mississippi Motion Picture Production Incentive Program › Rule 6-1-16.2 - Minimum Investment

Current through June 25, 2024
There is a $50,000 minimum Mississippi investment (local
				  spend) per project. There is a $10 million per project rebate cap. There is a
				  $20 million annual rebate cap. There is no minimum requirement for production
				  days or percentage of production spend. At least 20% of the production crew on
				  payroll must be Mississippi residents.
Miss. Code Ann. §
										57-89-1 et
				  seq. (Rev. 2014).
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 16 - The Mississippi Motion Picture Production Incentive Program › Rule 6-1-16.3 - Utilization of Mississippi Motion Picture Incentive Program/Mississippi Film Logo

Current through June 25, 2024
Utilization of the Mississippi Motion Picture Incentive
				  Program must be acknowledged on screen, and a Mississippi Film logo must be
				  included in the end credits. Graphic will be provided. Additionally, cities
				  and/or counties where filming took place must be acknowledged.
Miss. Code Ann. §
										57-89-1 et
				  seq. (Rev. 2014)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 16 - The Mississippi Motion Picture Production Incentive Program › Rule 6-1-16.4 - Mississippi Investment Rebate

Current through June 25, 2024
A. A production is
				eligible for a 25% rebate of their base investment (local spend) in
				Mississippi. The base investment is based on production expenditures in
				Mississippi. As a general rule, Mississippi spend is defined as expenditures
				made to companies based in Mississippi, including cast and crew non-payroll
				expenditures (i.e., per diems and housing allowances).
B. Payments made for airfares directly
				related to the project in Mississippi where travel is to/from airports in
				Mississippi, Baton Rouge, New Orleans, Memphis, or Mobile are qualified spend
				only if reservations are made through a Mississippi-based travel agent or
				agency.
C. The rental or purchase
				of equipment and production-specific goods and services is qualified spend only
				if secured in the following instances:
(i)
				directly from a Mississippi production company/vendor; or
(ii) through a Mississippi production
				company/vendor providing equipment rented from an out-of-state company or a
				Mississippi vendor regularly engaged in the business of providing specific
				goods and services ("like-for-like"), provided an industry standard mark-up has
				been added; or
(iii) from an
				out-of-state equipment company that has established a staffed local office or
				has contracted with a local representative in Mississippi. The motion picture
				production company must not supply any assistance or instruction to the local
				vendor in providing and/or securing any services or tangible personal property
				from out of state. Please note that all payments must be delivered to the
				vendor's Mississippi location. Payments sent out of state, generally, are not
				eligible for the rebate.
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 16 - The Mississippi Motion Picture Production Incentive Program › Rule 6-1-16.5 - Non-Resident Payroll and Fringes Rebate

Current through June 25, 2024
A production is eligible for a 25% cash rebate on payroll
				  and fringes paid to non-resident cast and crew whose wages are subject to
				  Mississippi income tax withholding and for that portion of their salary for the
				  project up to and including $5 million. For purposes of this program, payroll
				  means salary, wages, or other compensation including related benefits paid to
				  employees upon which Mississippi income tax is due and has been withheld.
				  Fringes mean costs paid by a motion picture production company for employee
				  benefits that are not subject to state income tax. Fringes may include, but are
				  not limited to, payments by an employer for unemployment insurance, Federal
				  Insurance Contribution Act (FICA), workers' compensation insurance, pension and
				  welfare benefits, and health insurance premiums. Payments to loan outs qualify
				  if 5% Mississippi income tax is withheld.
Miss. Code Ann. §
										57-89-1 et
				  seq. (Rev. 2014)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 16 - The Mississippi Motion Picture Production Incentive Program › Rule 6-1-16.6 - Resident Payroll and Fringes Rebate

Current through June 25, 2024
A production is eligible for a 30% cash rebate on payroll
				  and fringes paid to resident cast and crew whose wages are subject to
				  Mississippi income tax withholding and for that portion of their salary for the
				  project up to and including $5 million. (The employee must live in Mississippi
				  or maintain a permanent home here and spend more than 6 months each year in the
				  state.) For purposes of this program, payroll means salary, wages, or other
				  compensation including related benefits paid to employees upon which
				  Mississippi income tax is due and has been withheld. Fringes mean costs paid by
				  a motion picture production company for employee benefits that are not subject
				  to state income tax. Fringes may include, but are not limited to, payments by
				  an employer for unemployment insurance, Federal Insurance Contribution Act
				  (FICA), workers' compensation insurance, pension and welfare benefits, and
				  health insurance premiums. Payments to loan outs qualify if 5% Mississippi
				  income tax is withheld.
Miss. Code Ann. §
										57-89-1 et
				  seq. (Rev. 2014)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 16 - The Mississippi Motion Picture Production Incentive Program › Rule 6-1-16.7 - Honorably Discharged Veteran Payroll Rebate

Current through June 25, 2024
A production is eligible for an additional 5% cash rebate on
				  payroll paid to any member of the cast or crew who is an honorably discharged
				  veteran of the United States Armed Forces.
Miss. Code Ann. §
										57-89-1 et
				  seq. (Rev. 2014)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 16 - The Mississippi Motion Picture Production Incentive Program › Rule 6-1-16.8 - Stand-Alone Post and ADR/Voiceover/Recording Not Originated in Mississippi

Current through June 25, 2024
Regarding stand-alone post and ADR/voiceover/recording for
				  production not originated in Mississippi: the voiceover talent payroll rebate
				  cannot be more than three (3) times the production spend for the session in
				  Mississippi. (For example, if the total production spend, including all
				  production payroll, is $15,000, the rebate on the talent payroll cannot exceed
				  $45,000.) For more information or clarification, please contact the Mississippi
				  Film Office.
Miss. Code Ann. §
										57-89-1 et
				  seq. (Rev. 2014)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 16 - The Mississippi Motion Picture Production Incentive Program › Rule 6-1-16.9 - Sales and Use Tax Reduced Rates

Current through June 25, 2024
In addition to the Mississippi Motion Picture Incentive
				  Program, Mississippi offers a sales and use tax reduction on eligible
				  rentals/purchases to encourage film production in the state. Production
				  equipment and machinery used directly in the filming and/or editing of a
				  project may be taxed at the reduced rate of 1.5%, as stated in Miss. Code Ann.
				  Section
				  27-65-11
				  and Section
				  27-65-17.
				  The following production equipment is eligible for this reduced rate:
A. Audio equipment
B. Camera equipment
C. Editing equipment
D. Lighting equipment
E. Projection equipment
F. Sound equipment
G. Computer equipment used for animation,
				editing, or special effects
Miss. Code Ann. §
										57-89-1 et
				  seq. (Rev. 2014)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 16 - The Mississippi Motion Picture Production Incentive Program › Rule 6-1-16.10 - Registration with Mississippi Department of Revenue

Current through June 25, 2024
A production must register for a use tax number and a Direct
				  Pay Permit online through the Mississippi Department of Revenue website,
www.dor.ms.gov
, in order to access
				  the reduced tax rate. All relevant Department of Revenue documents must be
				  completed, submitted to the Department of Revenue, and approved by the
				  Department of Revenue before sales and use tax reductions can be taken. A
				  production may register immediately upon being approved into the Mississippi
				  Motion Picture Incentive Program by the Mississippi Development Authority
				  (MDA).
Miss. Code Ann. §
										57-89-1 et
				  seq. (Rev. 2014)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 16 - The Mississippi Motion Picture Production Incentive Program › Rule 6-1-16.11 - Application

Current through June 25, 2024
The production company must
s
ubmit an
				  application to the Mississippi Film Office/Mississippi Development Authority
				  (MDA) Required with the application are:
A. The script and a one page synopsis (if a
				feature/television project), the storyboard (if a commercial) or the treatment
				(if a documentary).
B. The
				proposed budget.
Miss. Code Ann. §
										57-89-1 et
				  seq. (Rev. 2014)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 16 - The Mississippi Motion Picture Production Incentive Program › Rule 6-1-16.12 - Name of the Production Company

Current through June 25, 2024
The production company name on the application is the name
				  that will be listed on the certificate issued by MDA. The production company
				  name on the application and certificate
must
match the name to
				  be used on production expenditures, billings, and invoices for those expenses
				  to be eligible for the rebate, and the entity applying for the rebate
must
have the same Federal Tax ID Number as the entity that
				  will incur and pay production costs.
A. It is possible for a company to work under
				a "doing business as" name or DBA, but the entity on the application and the
				DBA must have the same Federal Tax ID Number; the dba cannot be a separate
				legal entity.
Miss. Code Ann. §
										57-89-1 et
				  seq. (Rev. 2014)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 16 - The Mississippi Motion Picture Production Incentive Program › Rule 6-1-16.13 - Submission of Application

Current through June 25, 2024
The application must be submitted before the beginning of
				  production for the Mississippi portion of the project. It is suggested the
				  application be submitted to the Mississippi Film Office at least one month
				  prior to the start of pre-production.
Miss. Code Ann. §
										57-89-1 et
				  seq. (Rev. 2014)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 16 - The Mississippi Motion Picture Production Incentive Program › Rule 6-1-16.14 - Application Review

Current through June 25, 2024
The Mississippi Film Office and MDA's Financial Resources
				  Division review the application for requisite information and determine whether
				  it meets the program's requirements. Based on submitted budget information, the
				  MDA establishes a maximum rebate figure at this time. The date the Film Office
				  and Financial Resources Division complete review of the application and
				  determine the production meets the program's requirements will be the
				  eligibility date for all expenses related to the production. This date will be
				  noted in a letter from the Film Office. Rebates will not be given on any
				  expenditure made prior to the date on this letter.
Miss. Code Ann. §
										57-89-1 et
				  seq. (Rev. 2014)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 16 - The Mississippi Motion Picture Production Incentive Program › Rule 6-1-16.15 - Public Announcement of Project

Current through June 25, 2024
Announcement of Project. Once the production is prepared to
				  publicly announce the project and has its funding in place, the production
				  company must notify the Mississippi Film Office. The production then is placed
				  on the agenda of a public meeting of the MDA Board for official MDA approval
				  and is issued a certificate by MDA.
Miss. Code Ann. §
										57-89-1 et
				  seq. (Rev. 2014)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 16 - The Mississippi Motion Picture Production Incentive Program › Rule 6-1-16.16 - Changes in Information Submitted in the Application

Current through June 25, 2024
If any information submitted in the application changes, the
				  production company must notify the Film Office; official MDA approval of a
				  production company for the Mississippi Motion Picture Incentive Program is
				  subject to the representations made by the production company in the
				  application.
Miss. Code Ann. §
										57-89-1 et
				  seq. (Rev. 2014)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 16 - The Mississippi Motion Picture Production Incentive Program › Rule 6-1-16.17 - Request for Upward Revision of Rebate

Current through June 25, 2024
Any upward revision of the original rebate estimate must be
				  requested in writing to the Mississippi Film Office and submitted prior to the
				  completion of production in Mississippi. A revised budget must be submitted to
				  substantiate the revision.
Miss. Code Ann. §
										57-89-1 et
				  seq. (Rev. 2014)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 16 - The Mississippi Motion Picture Production Incentive Program › Rule 6-1-16.18 - Refund

Current through June 25, 2024
Upon completion of the Mississippi portion of the project,
				  the production company must supply the Mississippi Department of Revenue and
				  the Mississippi Film Office with documentation to substantiate the rebate
				  request. The Department of Revenue will provide sample templates for the
				  submission of spend and payroll. Extensive documentation must be maintained and
				  submitted during the rebate submission process. It is recommended that the
				  Department of Revenue be contacted concerning proper rebate documentation
				  practices before expenses are incurred. A link to the incentive book containing
				  details of the rebate submission process can be found on the Department of
				  Revenue website at
www.dor.ms.gov
.
Miss. Code Ann. §
										57-89-1 et
				  seq. (Rev. 2014)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 16 - The Mississippi Motion Picture Production Incentive Program › Rule 6-1-16.19 - Audit by Mississippi Department of Revenue

Current through June 25, 2024
The Mississippi Department of Revenue will audit the
				  submission in house and will attempt to deliver a
first review
of
				  the rebate request within 90 days after submission of all required and
				  requested documentation.
Miss. Code Ann. §
										57-89-1 et
				  seq. (Rev. 2014)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 16 - The Mississippi Motion Picture Production Incentive Program › Rule 6-1-16.20 - Nonpayment of Vendors

Current through June 25, 2024
In the event the production company fails to pay vendors,
				  employees, or independent contractors in a timely fashion, the audit and review
				  process may be delayed until those issues are resolved.
Miss. Code Ann. §
										57-89-1 et
				  seq. (Rev. 2014)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 16 - The Mississippi Motion Picture Production Incentive Program › Rule 6-1-16.21 - Additional Requirements

Current through June 25, 2024
A. During
				pre-production, the production must submit to the Mississippi Film Office blank
				copies of the production's Certificate of Insurance, the Location Agreement,
				and any talent releases and crew deal memos. Other relevant forms may also be
				requested.
B. No later than a week
				before the start of principal photography in Mississippi, the production must
				supply the Mississippi Film Office with the following information:
(i) Crew list
(ii) Cast list
(iii) Location list
(iv) Vendor list
(v) Day out of days
(vi) Shooting schedule
(vii) Shooting script
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 16 - The Mississippi Motion Picture Production Incentive Program › Rule 6-1-16.22 - Amendment/Waiver of the Guidelines

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 these guidelines to
				  the extent that the result of such waiver is to promote the public purpose of
				  the Act and is not prohibited by State laws.
Miss. Code Ann. §
										57-89-1 et
				  seq. (Rev. 2014)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 17 - Amended Visit Mississippi Tourism Matching Grants Program › Rule 6-1-17.1 - Purpose

Current through June 25, 2024
The goal of the program is to generate increased travel into
				  and/or within Mississippi, have broad appeal targeting markets beyond the local
				  area and make an economic impact on the area through tourism promotion. Visit
				  Mississippi Tourism Matching Grants Program administered by the Mississippi
				  Development Authority / Visit Mississippi.
Miss. Code Ann. §
										57-1-60,
				  et seq (1972), as amended.
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 17 - Amended Visit Mississippi Tourism Matching Grants Program › Rule 6-1-17.2 - Eligibility Requirements

Current through June 25, 2024
Eligible applicants for funding are Mississippi Convention
				  and Visitors Bureaus or Chambers of Commerce with designated Tourism Council or
				  Commission or established Tourism Councils with the primary objective of
				  promoting tourism. In addition, an applicant organization that receives grant
				  funding must be the responsible party for placement of advertising.
Miss. Code Ann. §
										57-1-60,
				  et seq (1972), as amended.
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 17 - Amended Visit Mississippi Tourism Matching Grants Program › Rule 6-1-17.3 - Auditing

Current through June 25, 2024
For auditing purposes, we must have an established tourism
				  entity designated as a financial base for the payment of the grant
				  monies.
Miss. Code Ann. §
										57-1-60,
				  et seq (1972), as amended.