MS HB1464

Creates a 7% income tax and franchise tax credit for taxpayers who make expenditures on technology commercialization, including patent/copyright fees and payments under research agreements with Mississippi colleges and research corporations.

Defines "commercialization costs" as expenditures for obtaining rights to use technology, including fees for patents, copyrights, and licenses, as well as payments pursuant to research agreements with accredited Mississippi colleges.

Allows taxpayers to apply the credit against tax liability for the taxable year earned and the three preceding taxable years, with unused credits carried forward up to five additional taxable years.

Requires taxpayers to submit an application to the Department of Revenue with a $200 application fee and prove they incurred qualifying commercialization costs under agreements executed on or after July 1, 2011.

Effective July 1, 2011, with the Department of Revenue authorized to adopt rules and regulations for administration and verification of applicant eligibility.