MS HB1363

Revises the Mississippi Small Business Investment Act to allow participating insurers a 100% tax credit against premium tax liability, claimed in 20% increments annually from 2015-2019, for investments in certified Mississippi small business investment companies

Requires small business investment companies to invest at least 35% of designated capital in qualified investments within 2 years and 50% within 4 years of the allocation date, with the MDA beginning to accept applications by August 1, 2012

Mandates creation and maintenance of one new job paying 125% of the state average annual wage for each $150,000 of tax credit awarded, with the job maintained for three years

Establishes that distributions to equity holders (other than qualified distributions) require the company to have invested 100% of designated capital and attracted follow-on investment equal to 100% of designated capital from outside sources

Caps total investment tax credits at $50 million, with $3.5 million reserved for secondary small business investment companies and no single company's participating investors receiving more than 25% of total credits