MS HB1674

Authorizes a $2,000 annual job tax credit for enterprises owning or operating upholstered household furniture manufacturing facilities for each full-time employee (35+ hours per week) in a new cut and sew job.

Credit applies for five consecutive years from the date the enterprise selects, with eligibility limited to jobs in cutting and sewing upholstery that did not exist in Mississippi before January 1, 2010.

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

State Tax Commission verifies that claimed jobs meet the definition of "new cut and sew job" and adjusts credit amounts for employment fluctuations based on monthly averages.

Section repeals on January 1, 2013, though taxpayers eligible before that date may continue carrying forward remaining credits; this credit replaces the credit in Section 57-73-21 and cannot be used in combination with it.