Transcript Highlights:

• The bill involves TIFs, or tax increment financing. It makes no changes to the financing.
• If unexpended funds remain after 3 years, the Department of Finance and Administration shall transfer
• the date of execution of the memorandum of understanding governing the project, the Department of Finance
• the date of execution of the memorandum of understanding governing the project, the Department of Finance
• the date of execution of the memorandum of understanding governing the project, the Department of Finance

Keywords: Finance - Room 216, 2 February, 2026; 3:00 PM, 925, all

Summary: The committee first heard a bill concerning tax increment financing (TIFs). The sponsor explained that the measure would not change the existing financing structure, but would add an optional arrangement cities could negotiate with developers: a revenue bond guaranteed by taxes generated from the development. The goal was to let developers guarantee the bond and access funds sooner on the front end of a project rather than waiting to see whether tax revenues meet projections. After no questions, the committee adopted a motion that the title was sufficient and reported the bill out do pass as a committee substitute. The next bill, Senate Bill 2873, came from the Department of Revenue and dealt with enforcement of the state’s vape registry law. The sponsor said the bill fills a gap left by prior legislation by creating a statutory forfeiture process for seized products valued at $20,000 or less, including notice, a right to contest, and rules for disposition of forfeited property. The committee then moved the bill title sufficient and do pass, and it was reported out. Senate Bill 2894 addressed local improvement projects funded in 2021 through 2024 that had not been executed or had unspent money remaining. The bill would require return of certain funds after a memorandum of understanding was not signed or after three years with unspent balances, require remittance of unspent interest, allow withholding of some city diversion or state aid road funds for noncompliance, and require periodic status reports to the Legislative Budget Office. The sponsor also offered an amendment giving entities 60 days from the bill’s effective date to request a one-time six-month extension; the amendment and the bill both received favorable votes and were reported out. Senate Bill 2910 would require employers in the PERS system to settle the books if a unit of government or other employer terminates participation. Senate Bill 2911 proposed a new return-to-work option for PERS retirees, shortening the separation period from 90 days to 30 days and allowing certain retirees to return to public employment at up to 80% of the stated salary, with employer-paid retirement contributions and possible health insurance support. The sponsor said the bill would exclude elected officials, K-12 superintendents, and IHL/community college administrators, and he discussed the bill’s expected effect on PERS funding with questions from members about actuarial impact and whether the proposal would affect existing retirement rules. Both bills were discussed but the transcript excerpt does not show final committee action on Senate Bill 2911.

Keywords: Finance - Room 216, 29 January, 2026; 1:30 PM, 925, all

Summary: The committee took up a series of economic development, tax, retirement, alcohol, and property tax bills, with several members explaining that some measures were being extended through repealers or prepared as omnibus vehicles for later floor amendments. Early in the meeting, members discussed a bill extending the Healthcare Industry Zone Act repealer to 2028, noting MDA had requested additional language for a floor amendment and citing roughly $715 million in expected new investment and more than 3,000 jobs since 2012. The committee also passed SB 2832, extending the Mississippi Shoreline Tax Credit program to 2029 with an $8 million annual cap, and SB 2849, extending the SMART business research program repealer to 2028. SB 2843, changing eligible expenses for MDA site development and utility infrastructure readiness, SB 2847, rounding state and local cash charges to the nearest nickel, and SB 2865, a gaming-related tax credit for non-gaming capital projects at casino properties, were also explained and passed without opposition. The committee then considered SB 2882, which prohibits counties from requiring homestead exemption applicants to provide closing statements or disclosures, citing privacy concerns; it was passed. SB 2912, a PERS-requested bill allowing Roth contributions in the state deferred compensation plan and removing an earlier qualified domestic order provision, also passed. The committee next took up SB 2834 and SB 2838 as omnibus vehicles: SB 2834 was described as the Senate omnibus tag bill, and SB 2838 as the qualified resort status bill, which included an addition for a community college campus and golf course in western Mississippi. Both bills received reverse repealers and were reported out. A lengthy discussion centered on SB 2915, which makes technical changes to Mississippi’s native wine laws, removes a repealer, expands tasting room options, and addresses ABC pickup and delivery timing. Senator McMahon offered an amendment to strike the pickup language after consulting with the Commissioner of Revenue, saying the current warehouse setup did not support the option yet; the amendment passed. Senator Sparks raised concerns about ABC delivery delays, the impact on small retailers, and whether the bill could raise commerce clause issues by favoring in-state wineries, but the author said the language conforms to existing distillery provisions. After no further questions, the committee passed the committee substitute and then rose and reported, with the chair noting another meeting would likely be held the following week.

Keywords: Finance - Room 216, 22 January, 2026; 1:30 PM, 925, all

Keywords: Finance - Room 216, 20 January, 2026; 10:30 AM, 925, all

Summary: The committee heard an update from PERS Executive Director Higgins, who reported that the system has about $38 billion in assets, earned roughly 11.7% last fiscal year, and is about 57% funded. He thanked lawmakers for a newly passed $1 billion funding bill and emphasized that funding the existing system remains the top priority. Higgins also noted that the board’s actuarially recommended contribution is about 26% of payroll, while the system is currently receiving about 18.4%, and said PERS will return later in session with a few requested bills. Higgins addressed several policy topics under discussion this session, including return-to-work rules, first responders, and Tier 5. He said return-to-work changes are possible if the law is changed and funding implications are addressed. For first responders, he said any special treatment should be done within PERS rather than by creating a separate system, with the affected group and parameters clearly defined and fully funded. He also said the new Tier 5 hybrid plan is being implemented on track for March 1 and is projected to improve the system’s long-term financial position by reducing future liabilities and helping pay down the unfunded liability. Members then questioned Higgins about the system’s funding policy, the 30-year closed amortization period used in the ADC calculation, and whether that approach should be revisited in light of recent funding actions and changes in assumptions. Higgins said the board reviews the policy annually, that the closed amortization approach was chosen to better pay down the unfunded liability, and that the annual valuation and experience studies already incorporate recent funding changes, Tier 5, and the phased employer-rate increases. He acknowledged that a significant new infusion of funding could justify reviewing the amortization period, but cautioned against changing it too often because it could undermine progress toward paying down the unfunded liability.

Transcript Highlights:

• But I'll give you a quick rundown of the finance, and I'll talk about the policy of the finance provisions
• While we made great progress in the 2324 session in both finance and policy, there's still more to do
• We're in an imperfect world, trying to negotiate a very complicated education finance bill.
• I think that's really how we should be doing policy up here and finances.
• One time I was the education finance co-chair. Now, I can't raise taxes in our committee.

Bills: HF1049

Keywords: school library aid, education finance, school districts, charter schools, funding eligibility

Keywords: Finance - Room 216, 26 March, 2025; 1:30 PM, 925, all

Keywords: Finance - Room 216, 25 March, 2025; 10:30 AM, 925, all

Keywords: Finance - Room 216, 20 March, 2025; 1:30 PM, 925, all

Keywords: Finance - Room 409, 17 March, 2025; 4:15 P.M., 925, all

Keywords: Finance - Room 216, 13 March, 2025; 1:15 PM, 925, all

Keywords: Finance - Room 216, 4 March, 2025; 10:30 AM, 925, all

Keywords: Finance - Room 216, 27 February, 2025; 1:30 PM, 925, all

Keywords: Finance - Room 216, 26 February, 2025; 10:30 AM, 925, all

Keywords: Finance - Room 216, 25 February, 2025; 10:30 AM, 925, all

Transcript Highlights:

• I'll use an example that we had in State Government Finance last week.
• <00:03:59.319> last<00:03:59.519> week in state government Finance last week in state
• government Finance last week we<00:04:00.640> had<00:04:01.000> the<00:04:01.640> OA
• In 1991, the November forecast that year was the first time the Department of Finance, the precursor
• The Legislature effectively required the Department of Finance to continue including inflation on the

Bills: HF3

Keywords: legislative auditor, reporting, accountability, state finance, executive agency oversight, 1183, house

Keywords: Finance - Room 216, 20 February, 2025; 10:30 AM, 925, all

Transcript Highlights:

• committee for which the bill resides, or the chair of the Ways and Means Committee, or the chair of the Finance
• committee for which the bill resides, or the chair of the Ways and Means Committee, or the chair of the Finance
• committee for which the bill resides, or the chair of the Ways and Means Committee, or the chair of the Finance
• we have a team of budget officers who review fiscal notes as a bill is approaching a hearing in a finance

Bills: HF3

Keywords: legislative auditor, reporting, accountability, state finance, executive agency oversight, 1183, house

Keywords: Finance - Room 216, 4 February, 2025; 3:30 PM, 925, all

Keywords: Finance - Room 216, 4 February, 2025; 10:30 AM, 925, all

Keywords: Finance - Room 216, 30 January, 2025; 1:30 PM, 925, all