As Amended
SEC. 57-62-3. Legislative intent.
It is the intent of the Legislature that:
(a) The State of Mississippi provide appropriate incentives to support the establishment of quality business and industry that hold the promise of significant development of the economy of the State of Mississippi through the creation of quality jobs;
(b) The amount of incentives provided under this chapter in connection
with a particular establishment shall:
(i) Be directly related to the jobs created as a result of the establishment locating in the State of Mississippi; and(ii) Not exceed the estimated net direct state benefits that will accrue to the state as a result of the establishment locating in the State of Mississippi;
(c) The Mississippi Development Authority and the State Tax Commission
shall implement the provisions of this chapter and exercise all powers
as authorized in this chapter; however, the application of this chapter
or the offering of any of its incentives as to any particular qualified
business or industry shall be in the sole discretion of the Mississippi
Development Authority. The exercise of powers conferred by this chapter
shall be deemed and held to be the performance of essential public purposes;
and
(d) Nothing in this chapter shall be construed to constitute a guarantee or assumption by the State of Mississippi of any debt of any individual, company, corporation or association nor to authorize the credit of the State of Mississippi to be given, pledged or loaned to any individual, company, corporation or association. Also, nothing in this chapter gives any right to any qualified business or industry to the incentives contained herein unless said incentive is given by the Mississippi Development Authority pursuant to this chapter.
SOURCES: Laws, 2000, 2nd Ex Sess, ch. 1, Sec. 25, SB2002, eff from and after passage (approved Aug. 30, 2000.)