Mississippi Code Title 57. Planning, Research and Development § 57-114-7

(1) The authority shall evaluate an application to determine whether the applicant's proposed project is a qualified economic development project and whether it is therefore eligible for an award by the authority of an mFlex tax incentive, as calculated in accordance with Section 5 of this act.

(2) Upon approval of an applicant's application, the authority shall issue a certification (a) designating the applicant's project as a “qualified economic development project” and eligible for the mFlex tax incentive authorized by Sections 1 through 10 of this act; (b) awarding the initial mFlex tax incentive calculated pursuant to Section 5 of this act; and (c) imposing those mandatory conditions pursuant to subsection (4) of this section and any discretionary conditions otherwise imposed by the authority.

(3) Upon the issuance of the certification and execution of the mFlex agreement by a qualified business or industry and the authority, the qualified business or industry may apply the amount of its mFlex tax incentive as a credit to offset (a) any state taxes (except for withholding tax required to be deducted and withheld from employee wages pursuant to Section 27-7-301 et seq.), as incurred thereby, up to the full amount of the mFlex tax incentive awarded by the authority for the associated qualified economic development project, and (b) only up to twenty percent (20%) of the mFlex tax incentive amount may be applied as a credit during the course of any reporting year to offset withholding tax deducted and withheld from employee wages pursuant to Section 27-7-301 et seq.; provided that the amount of the mFlex tax incentive available to be applied as a credit to offset such state taxes shall be subject to any subsequent adjustments made by the authority to such award pursuant to Section 7 of this act, and any performance requirements set out in the mFlex agreement. The amount of the mFlex tax incentive available to be applied as a credit to offset any state taxes described in Section 2(bb)(i) of this act shall be limited to those such taxes payable directly by the qualified business or industry to the Department of Revenue pursuant to a direct pay permit issued by the Department of Revenue under Section 27-65-93. The amount of the mFlex tax incentive available to be applied as a credit to offset any state taxes may not be applied as a credit to offset any state taxes incurred prior to the issuance of the certification by the authority and execution of the mFlex agreement by the qualified business or industry and the authority.

(4) The following conditions shall apply to each such certification made, and each mFlex tax incentive awarded, by the authority in accordance with Sections 1 through 10 of this act:

(5) In addition to those mandatory conditions prescribed by Sections 1 through 10 of this act that apply to each certification and award of an mFlex tax incentive made by the authority in accordance herewith, the authority is authorized to impose any other conditions upon any certification and award of an mFlex tax incentive made by the authority as it shall find best promotes economic development in the state.

(6) Upon certifying a qualified business or industry as eligible for, and awarding, an mFlex tax incentive under Sections 1 through 10 of this act, the authority shall forward the certification along with any other necessary information to the Department of Revenue so that the mFlex tax incentive awarded to the qualified business or industry can be recorded by the Department of Revenue and used to verify each state tax credit subsequently applied by the qualified business or industry.

(7) Within thirty (30) days following the end of each calendar quarter, the authority shall provide to the Governor, Lieutenant Governor and the Speaker of the House of Representatives a copy of each certification made, together with a copy of each mFlex agreement approved and executed, during the immediately preceding calendar quarter.