MS SB3182

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

Credit applies for five years from the commencement date selected by the enterprise, with the amount adjusted annually based on monthly average employment compared to the prior year.

Credits cannot exceed total state income tax liability in any year, and unused credits may be carried forward for five consecutive years.

Credits under this section replace credits available under Section 57-73-21, and enterprises cannot claim both credits.

Act takes effect January 1, 2010, and automatically repeals January 1, 2013, though taxpayers who became eligible before the repeal date may continue carrying forward earned credits.