Mississippi - Credit for Investments Made by Insurers

S.B. 2659, effective July 1, 2012, amends the amount of the insurance premiums tax credit that may be claimed by an insurer that makes qualified investments in a Mississippi small business investment company (SBIC). The legislation provides that, at the time of the investment of designated capital, a participating investor will earn a vested credit against state premium tax liability equal to 100% of the investment in the SBIC (prior to July 1, 2012, the amount is equal to 80% of the investment). In addition, for taxable years 2015 through 2019, an investor may claim the credit in an amount equal to 20% of the investment (prior to this legislation, 16% of the investment could be claimed for tax years 2014 through 2018).