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Mississippi Code Title 57. Planning, Research and Development § 57-10-413

Current as of January 01, 2025 | Updated by Findlaw Staff

<Text of section applicable to cases involving economic development projects for which the Mississippi Finance Corporation issued bonds for the purpose of financing approved costs of such projects prior to July 1, 1994. See, also, text of section applicable to cases involving economic development projects for which the Mississippi Finance Corporation has not issued bonds for the purpose of financing approved costs of such projects prior to July 1, 1994, or in cases involving an economic development project which has been induced by a resolution of the Board of Directors of the Mississippi Business Finance Corporation that has been filed with the State Tax Commission prior to July 1, 1997.>

(1) The approved company may require that each employee whose gross wages are equivalent to Five Dollars ($5.00) or more per hour, as a condition of employment, agrees to pay a job development assessment fee not to exceed a certain percentage of the gross wages of each such employee whose job was created as a result of the economic development project, for the purpose of retiring the bonds which fund the economic development project or other indebtedness. The job development assessment fee shall not exceed the following percentages of the gross wages of the employee:

(a) Two percent (2%), if the gross wages of the employee are equivalent to Five Dollars ($5.00) or more per hour but less than Seven Dollars ($7.00) per hour;

(b) Four percent (4%), if the gross wages of the employee are equivalent to Seven Dollars ($7.00) or more per hour but less than Nine Dollars ($9.00) per hour; and

(c) Six percent (6%), if the gross wages of the employee are equivalent to Nine Dollars ($9.00) or more per hour.

(2) Each employee so assessed shall be entitled to credits against Mississippi income taxes as provided in Section 27-7-22.3.

(3) If an approved company shall elect to impose the assessment as a condition of employment, it shall deduct the assessment from each paycheck of each employee.

(4) Any approved company collecting an assessment as provided in subsection (1) of this section shall make its payroll books and records available to the corporation at such reasonable times as the corporation shall request and shall file with the corporation documentation respecting the assessment as the corporation may require.

(5) Any assessment of the wages of employees of an approved company in connection with their employment at an economic development project under subsection (1) of this section shall lapse on the date the bonds are retired.

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Cite this article: FindLaw.com - Mississippi Code Title 57. Planning, Research and Development § 57-10-413 - last updated January 01, 2025 | https://codes.findlaw.com/ms/title-57-planning-research-and-development/ms-code-sect-57-10-413-nr2/

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