Entities receiving more than $5 million in state economic development tax incentives would be required to report job creation numbers, average wages, and other information to the public under a bill passed with the unanimous support of the Mississippi Senate yesterday.
“As conservatives, we must account for every dollar taxpayers have entrusted us with. This includes the millions of dollars provided to entities to improve our economy in the form of loans, tax credits, or any other incentives,” Lieutenant Governor Delbert Hosemann said. “Taxpayers deserve information about how their money is being spent, and this bill provides some much needed sunshine.”
Senate Bill 2563, the “Incentives Transparency for a Prosperous Mississippi Act,” builds on legislation enacted in 2014 which requires the University Research Center to analyze whether certain tax incentives fulfilled their stated goals and had a positive impact on the State’s economy.
The bill, authored by Senate Economic and Workforce Development Chairman David Parker, requires an entity receiving tax incentives of more than $5 million to enter into an agreement outlining a five-year performance plan. If the entity fails to meet stated goals in the agreement, the State would have the statutory authority to clawback incentives, under the language of the legislation.
Senate Bill 2563 would also require entities to annually report to the public the number of jobs they created, their average wages, the number of employees who have access to benefits, and other information.
The legislation will now be transmitted to the House for consideration.
To track Senate Bill 2563’s progress, visit: http://billstatus.ls.state.ms.us/2020/pdf/history/SB/SB2563.xml. To learn more about Lieutenant Governor Delbert Hosemann, visit www.ltgovhosemann.ms.gov.
Lt. Governor Delbert Hosemann Press Release