Some Pending Mississippi Economic Development Bills

The Mississippi Legislature is considering a whole host of bills that could impact Mississippi businesses.  Here are a few worth noting:

Strengthening Mississippi Academic Research Through Business Act (“SMART Business Act”) - Encourages private businesses to invest their research dollars in Mississippi universities.  The proposal offers a rebate equal to 25% of the research costs to companies who enter into a written agreement with a university for research and development.

Employee Pass-Through Jobs Tax Credit - In lieu of a business utilizing the jobs tax credit, the business may pass all or a portion of the tax credit to one or more employees of the company.

Headquarters Relocation Tax Credit - Provides a tax credit in the amount of actual relocation costs incurred by a business in relocating its corporate headquarters to Mississippi.

Expansion Relocation Tax Credit – Provides a tax credit in the amount of actual relocation costs to existing businesses expanding their workforce in the State of Mississippi.  The businesses must qualify for the jobs tax credit provided in the Economic Development Reform Act and must relocate employees to Mississippi from outside the State.