MS HB1246

Creates the Mississippi Development Authority Job Training Grant Fund to provide job training grants to businesses eligible for the jobs tax credit, with grants covering 75% of training costs capped at $1,000-$2,000 per job depending on county tier designation.

Grants are paid over a five-year period (years 2-6 after job creation) and businesses receiving grants are ineligible for the jobs tax credit; businesses must maintain minimum job levels or repay grant funds.

Transfers $2,000,000 from the MMEIA Tax Incentive Fund to the new Job Training Grant Fund and redirects $150,000 monthly in sales tax revenue from the MMEIA fund to the Job Training Grant Fund beginning July 15, 2012.

Repeals Sections 57-101-1, 57-101-3, and 57-101-5 which created the MMEIA Tax Incentive Fund for component construction material costs.

Amends Section 57-73-21 to clarify that businesses choosing to receive job training grants cannot claim the jobs tax credit.