MS HB1552

Establishes a 35% income tax credit for accredited "angel investors" making cash investments of $10,000-$1,000,000 in qualified Mississippi small businesses, with a maximum annual credit of $250,000 per investor.

Requires businesses seeking qualified status to have principal operations in Mississippi, fewer than 100 employees, annual revenues under $5 million, and involvement in research, development, or manufacturing of innovative technologies or products; excludes professional services, banking, real estate, insurance, retail, restaurants, oil/gas, and gambling.

Mandates Mississippi Technology Alliance to maintain and update a list of qualified businesses and sets annual aggregate tax credit limits of $5 million for fiscal year 2012-2013 and $3.5 million for fiscal years 2013-2014.

Allows angel investors to transfer or sell unused tax credits to other Mississippi taxpayers once, with transfers requiring notification to Department of Revenue within 30 days.

Requires Department of Revenue, Mississippi Technology Alliance, and State Treasurer to submit effectiveness reports to legislative finance committees by January 1, 2014, evaluating whether the program promotes establishment and growth of small businesses.