MS HB1

Authorizes a $2,000 annual job tax credit for enterprises operating upholstered household furniture manufacturing facilities for each full-time employee (30+ hours per week) working in cut and sew positions.

Credit applies for ten consecutive years from the date selected by the enterprise, with the State Tax Commission adjusting annually for employment fluctuations based on monthly average full-time employees subject to Mississippi income tax withholding.

Annual credit usage is limited to the enterprise's total state income tax liability, with unused credits allowed to carry forward for five consecutive years.

Tax credits under this section are in lieu of credits provided in Section 57-73-21, and enterprises cannot claim both credits.

Section repeals January 1, 2013, but taxpayers eligible prior to that date may continue carrying forward credits as provided; effective date is January 1, 2010.