MS HB1594

Creates the Mississippi Small Business Investment and Jobs Promotion Act of 2010, establishing income tax, insurance premium tax, and insurance premium retaliatory tax credits for qualified investments in qualified small business capital companies that invest in Mississippi small business ventures.

Provides a tax credit equal to 50% of qualified investments subsequently invested in Mississippi small business ventures, applicable to taxable years beginning after December 31, 2010 and before January 1, 2026, with unused credits carried forward up to five years.

Caps the maximum aggregate tax credits allocated in any one state fiscal year at $15,000,000, with a maximum of one-third allocated for insurance premium tax credits, administered by the Mississippi Development Authority.

Requires qualified small business capital companies to have minimum capitalization of $500,000, maintain detailed records, file annual reports, and comply with investment restrictions; triggers recapture of credits if investments are transferred within five years or fail to meet statutory requirements.

Amends existing tax law to prevent insurers from paying additional retaliatory taxes when claiming credits under this act and excludes investments receiving credits under this act from qualifying as Mississippi investments under existing insurance premium tax reduction provisions.