HB1894: Bonds; authorize issuance for various purposes.

Legislative Summary

An Act To Authorize The Issuance Of State General Obligation Bonds For The Purpose Of Making Capital Improvements For State Institutions Of Higher Learning, Community And Junior Colleges And State Agencies; To Authorize The Issuance Of State General Obligation Bonds In The Amount Of $20,000,000.00 To Provide Funds For The Mississippi Site Development Grant Fund; To Amend Section 57-1-701, Mississippi Code Of 1972, In Conformity Thereto; To Authorize The Issuance Of State General Obligation Bonds In The Amount Of $10,000,000.00 For The Ace Fund; To Amend Section 57-61-25, Mississippi Code Of 1972, To Increase By $25,000,000.00 The Amount Of General Obligation Bonds That May Be Issued Under The Mississippi Business Investment Act; To Amend Section 57-61-36, Mississippi Code Of 1972, To Increase By $5,000,000.00 The Amount Of Bond Proceeds That The Mississippi Development Authority May Utilize Under The Mississippi Business Investment Act To Make Grants Or Loans To Municipalities Through An Equipment And Public Facilities Grant And Loan Fund To Aid In Infrastructure-related Improvements, The Purchase Of Equipment And In The Purchase, Construction Or Repair And Renovation Of Public Facilities; To Amend Section 57-61-41, Mississippi Code Of 1972, To Increase By $20,000,000.00 The Amount Of Bond Proceeds That The Mississippi Development Authority May Utilize Under The Mississippi Business Investment Act To Make Loans To Counties, Municipalities, Or State, County Or Municipal Port And Airport Authorities Through A Port, Airport And Rail Revitalization Revolving Loan Fund For The Improvement Of Port And Airport Facilities, Or For Publicly Owned Freight Rail Service Projects, To Promote Commerce And Economic Growth; To Amend Section 57-75-15, Mississippi Code Of 1972, To Increase By $5,000,000.00 The Amount Of General Obligation Bonds That May Be Issued Under The Mississippi Major Economic Impact Act For Projects Designed To Enhance Facilities That Are At Risk For Closure Pursuant To The Defense Base Closure And Realignment Act Of 1990 Or Other Applicable Federal Law; To Extend The Reverter On The Provisions That Authorize The State Board Commission To Negotiate The Sale Of Bonds Under The Mississippi Major Economic Impact Act; To Amend Section 25, Chapter 533, Laws Of 2010, As Last Amended By Section 7, Chapter 507, Laws Of 2024, To Increase By $20,000,000.00 The Amount Of General Obligation Bonds That May Be Issued For The Mississippi Industry Incentive Financing Revolving Fund; To Extend Until July 1, 2029, The Period Of Time During Which Bonds May Be Issued For The Mississippi Industry Incentive Financing Revolving Fund; To Bring Forward Section 27-7-22.41, Mississippi Code Of 1972, Which Provides An Income Tax Credit, Insurance Premium Tax Credit And Ad Valorem Tax Credit For Contributions Made By Certain Taxpayers To Certain Eligible Charitable Organizations, For The Purposes Of Possible Amendment; To Bring Forward Section 57-105-1, Mississippi Code Of 1972, Which Authorizes Income Tax And Insurance Premium Tax Credits For Taxpayers Holding Certain Qualified Investments, For The Purposes Of Possible Amendment; To Amend Section 27-7-22.29, Mississippi Code Of 1972, To Provide That No Income Tax Credits For Job Creation By Certain Alternative Energy Projects Shall Be Awarded Under The Section For Any Tax Year After 2025; To Amend Section 27-65-101, Mississippi Code Of 1972, To Provide That Certain Sales And Use Tax Exemptions For Construction, Expansion And Headquarters Relocation Shall Not Apply To Any Sales Made On Or After July 1, 2025; To Amend Sections 57-62-7 And 57-62-9, Mississippi Code Of 1972, To Provide That The Mississippi Development Authority Shall Not Accept Applications Or Make Eligibility Determinations For Incentive Payments Under The Mississippi Advantage Jobs Act After December 31, 2025; To Delete Obsolete Tiers Pertaining To Expired Incentives; To Amend Section 57-73-21, Mississippi Code Of 1972, To Provide That Certain Income Tax Credits For Jobs Under The Economic Development Reform Act Shall Not Be Awarded For Any Tax Year After 2025; To Delete An Obsolete Tier Pertaining To Expired Credits; And For Related Purposes.