§ 57-77-25. Adoption of eligibility criteria, timetable and report forms governing Magnolia Capital Corporation participation in venture capital loan program; adoption of applications, forms, procedures and requirements by Magnolia Venture Capital Corporation
The department shall adopt and publish the eligibility criteria for Magnolia Capital Corporation to participate in the program as set forth in this chapter, a timetable and process for review of applications from Magnolia Capital Corporation, and program report forms, all in accordance with this chapter; provided, however, that Magnolia Venture Capital Corporation shall recommend […]
§ 57-75-35. Counties and municipalities authorized to enter into agreements with enterprises operating certain projects, providing that a county or municipality will approve requests for exemption from ad valorem taxes by supplier
The board of supervisors of a county or the governing authorities of a municipality may enter into an agreement with an enterprise operating a project as defined in Section 57-75-5(f)(iv)1, Section 57-75-5(f)(xxi) or 57-75-5 (f)(xxii), providing that the board of supervisors or governing authorities will agree in advance to approve any request for exemption from […]
§ 57-75-37. Certain counties authorized to contribute or lend funds to enterprises owning or operating certain projects; county may issue bonds to provide funds for such purposes; county may donate property for use in the location, construction, or operation of such projects; additional authority to acquire and contribute project sites, apply for grants and loans for project infrastructure, and enter into certain lease agreements
(i) Any county in which there is to be constructed a project as defined in Section 57-75-5(f)(xviii) is authorized to assist in defraying the costs incurred or to be incurred by the enterprise establishing such project by: 1. Contributing a sum of up to Five Million Dollars ($5,000,000.00) to such enterprise for use in connection […]
§ 57-77-1. Short title
This chapter shall be known, and may be cited, as the “Venture Capital Act of 1994.”
§ 57-77-2. Legislative intent
The Legislature finds that the Venture Capital Act of 1994, Sections 57-77-1 through 57-77-39, Mississippi Code of 1972, has not been implemented in accordance with the legislative intent. The Legislature finds that the Venture Capital Act of 1994 needs to be amended for the purpose of clarifying the legislative intent and for the further purpose […]
§ 57-77-3. Purpose of chapter; entities as instrumentalities of the state; sovereign immunity
It is the purpose of this chapter to establish the Magnolia Capital Corporation, the Magnolia Venture Capital Corporation and the Magnolia Venture Capital Fund Limited Partnership for the purposes of increasing the rate of capital formation; stimulating new growth-oriented business formations; creating new jobs for Mississippi; developing new technology; enhancing tax revenue for the state; […]
§ 57-77-5. Definitions
The following words shall have the meaning ascribed herein unless the context clearly requires otherwise: “Fund” means the Magnolia Venture Capital Fund Limited Partnership, a limited partnership, established and operated as described in this chapter. “Corporation” means the Magnolia Capital Corporation. “Qualified investment” means a qualified interest, which interest is purchased solely for cash in […]
§ 57-77-7. Taxpayer entitlement to credit against state tax liability
A taxpayer is entitled to a credit, determined in accordance with Section 27-7-22.11, which must be applied against the state tax liability which may be imposed on the taxpayer.
§ 57-75-15. Powers and duties of State Bond Commission
[From and after July 1, 2022, this section shall read as follows:] Upon notification to the authority by the enterprise that the state has been finally selected as the site for the project, the State Bond Commission shall have the power and is hereby authorized and directed, upon receipt of a declaration from the authority […]
§ 57-77-9. Formation of Magnolia Capital Corporation; officers and directors; bylaws and articles of incorporation; general powers and duties; meetings; replacement of directors; dissolution of Magnolia Venture Capital Corporation and fund
The Magnolia Capital Corporation shall be formed and operated pursuant to the laws of this state. The articles of incorporation, bylaws and any other agreement relating to the organization or operation of the corporation must comply with the provisions set forth in this section. The corporation will be a not-for-profit corporation. The executive director of […]