MS HB1264

Allows permanent business enterprises qualifying for job tax credits under Section 57-73-21 to elect to pass through all or 50% of credits to their employees effective July 1, 2012.

Requires businesses passing credits to employees to pass at least $250 but not more than $500 per employee and notify the Department of Revenue with specific information about credit amounts and balances.

Limits employee use of passed-through credits to their state income tax liability as an employee of that business enterprise, with a 5-year carryforward period.

Makes businesses responsible for any additional tax liability if their awarded credits are subsequently reduced through audit or amended returns.

Sunsets the employee pass-through provision on July 1, 2017; also makes conforming amendments to sections relating to telecommunications enterprise tax credits and broadband technology deployment.