Section 57-62-5 - [Repealed Effective 7/1/2027] Definitions[For businesses or industries that apply for incentive payments from and after July 1, 2010, this section shall read as follows:]
As used in this chapter, the following words and phrases shall have the meanings ascribed in this section unless the context clearly indicates otherwise:
(a) "Qualified business or industry" means any corporation, limited liability company, partnership, sole proprietorship, business trust or other legal entity and subunits or affiliates thereof, pursuant to rules and regulations of the MDA, which: (i) Is a data/information processing enterprise meeting minimum criteria established by the MDA that provides an average annual salary, excluding benefits which are not subject to Mississippi income taxes, of at least one hundred percent (100%) of the most recently published state average annual wage or the most recently published average annual wage of the county in which the qualified business or industry is located as determined by the Mississippi Department of Employment Security, whichever is the lesser, and creates not less than two hundred (200) new direct jobs;(ii) Is a corporation, limited liability company, partnership, sole proprietorship, business trust or other legal entity and subunits or affiliates thereof, pursuant to rules and regulations of the MDA, which provides an average annual salary, excluding benefits which are not subject to Mississippi income taxes, of at least one hundred ten percent (110%) of the most recently published state average annual wage or the most recently published average annual wage of the county in which the qualified business or industry is located as determined by the Mississippi Department of Employment Security, whichever is the lesser, and creates not less than twenty-five (25) new direct jobs; or(iii) Is a corporation, limited liability company, partnership, sole proprietorship, business trust or other legal entity and subunits or affiliates thereof, pursuant to rules and regulations of the MDA, which is a manufacturer that:1. Provides an average annual salary, excluding benefits which are not subject to Mississippi income taxes, of at least one hundred ten percent (110%) of the most recently published state average annual wage or the most recently published average annual wage of the county in which the qualified business or industry is located as determined by the Mississippi Department of Employment Security, whichever is the lesser;2. Has a minimum of five thousand (5,000) existing employees as of the last day of the previous calendar year; and3. MDA determines will create not less than three thousand (3,000) new direct jobs within forty-eight (48) months of the date the MDA determines that the applicant is qualified to receive incentive payments. An establishment shall not be considered to be a qualified business or industry unless it offers, or will offer within one hundred eighty (180) days of the date it receives the first incentive payment pursuant to the provisions of this chapter, a basic health benefits plan to the individuals it employs in new direct jobs in this state which is approved by the MDA. Qualified business or industry does not include retail business or gaming business, or any medical cannabis establishment as defined in the Mississippi Medical Cannabis Act.
(b) "New direct job" means full-time employment in this state in a qualified business or industry that has qualified to receive an incentive payment pursuant to this chapter, which employment did not exist in this state:(i) Before the date of approval by the MDA of the application of the qualified business or industry pursuant to the provisions of this chapter.; or(ii) Solely with respect to any farm equipment manufacturer that locates its North American headquarters to Mississippi between January 1, 2018, and December 31, 2020, before a specific date determined by the MDA that falls on or after the date that the MDA first issues to such farm equipment manufacturer one or more written commitments or offers of any incentives in connection with the new headquarters project and related facilities expected to result in the creation of such new job. "New direct job" shall include full-time employment in this state of employees who are employed by an entity other than the establishment that has qualified to receive an incentive payment and who are leased to the qualified business or industry, if such employment did not exist in this state before the date of approval by the MDA of the application of the establishment.
(c) "Full-time job" or "full-time employment" means a job of at least thirty-five (35) hours per week.(d) "Gross payroll" means wages for new direct jobs of the qualified business or industry.(e) "MDA" means the Mississippi Development Authority.Reenacted without change by Laws, 2023, ch. 510, SB 2810,§ 54, eff. 4/17/2023.Amended by Laws, 2022, ch. 303, SB 2095,§ 88, eff. 2/2/2022.Amended by Laws, 2021, ch. 326, SB 2521,§ 1, eff. 3/17/2021.Amended by Laws, 2019, ch. 451, SB 2133,§ 58, eff. 4/3/2019.Reenacted without change by Laws, 2019, ch. 451, SB 2133,§ 52, eff. 4/3/2019.Laws, 2000, 2nd Ex Sess, ch. 1, § 26; Laws, 2003, ch. 422, § 1; Laws, 2004, ch. 572, § 52; Laws, 2005, 3rd Ex Sess, ch. 1, § 69; Laws, 2008, 1st Ex Sess, ch. 30, § 52; Laws, 2010, ch. 533, § 32; Laws, 2010, ch. 559, § 52; Laws, 2011, ch. 471, § 53; Laws, 2011, 1st Ex Sess, ch. 1, § 3; reenacted without change, Laws, 2012, ch. 515, § 52, eff. 7/1/2012.This section is set out more than once due to postponed, multiple, or conflicting amendments.