JACKSON, Miss. (WJTV) – On Monday, April 4, Lt. Governor Delbert Hosemann (R-Miss.) announced the Mississippi Flexible Tax Incentive (MFlex) will soon become law. MFlex is an economic development incentive created by economic developers across Mississippi.
Hosemann said the Mississippi Senate took final action on Senate Bill 2159, authored by Senate Economic and Workforce Development Chairman David Parker, last week. The legislation now heads to Governor Tate Reeves (R-Miss.) for consideration.
“This program, which streamlines incentives to spur economic growth, has been several years in the making. The hard work of Chairman Parker and so many of our local economic developers have seen it through to fruition,” Hosemann said. “As a performance-based—not promise-based—program, MFlex will make Mississippi even more competitive in the region.”
MFlex, which allows a credit against any state tax liability, combines several current incentives aimed at spurring economic development into one simplified option. According to Hosemann, the amount of the credit is calculated by considering the business’s investment in equipment and infrastructure, the number of full-time jobs created, and wages and benefits paid out to employees.
To participate in MFlex, a business must create at least 10 full-time jobs and make a capital investment of $2.5 million. Businesses qualifying for MFlex must report publicly the amount of investment, jobs created, average wage of employees, benefits provided, and other information.