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MS HB1719
Bill
Status
Failed
3/19/2010
Primary Sponsor
Percy Watson
Click for details
AI Summary
- Creates the Mississippi Small Business Investment Company Act, establishing a framework for certified investment companies to channel capital into qualified small businesses headquartered in Mississippi with 100 or fewer employees
- Provides insurance companies (participating investors) a tax credit against state insurance premium tax liability equal to 75% of their designated capital invested in certified Mississippi small business investment companies, claimable in 15% annual increments from 2013 through 2017
- Caps the aggregate amount of investment tax credits at $100,000,000, divided into a primary pool ($84 million) and a secondary pool ($16 million) for smaller, Mississippi-based investment companies
- Requires certified investment companies to invest at least 35% of designated capital in qualified investments within two years and 50% within four years, with decertification and credit recapture possible for noncompliance
- Excludes businesses engaged in professional services (accounting, legal, medical), banking, real estate development, or insurance from qualifying for investment, and prohibits insurance companies from owning 15% or more of or managing any certified investment company
Legislative Description
Mississippi Small Business Investment Company Act; create.
Last Action
Died On Calendar
3/19/2010
Full Bill Text
No bill text available