MS HB1665

Adds new sales tax exemption under Section 27-65-101(pp) for sales and leases of items included in "eligible investments" to "manufacturing enterprises," with the requirement that enterprises choosing this exemption cannot use the manufacturing investment tax credit for those same items.

Reduces the minimum eligible investment threshold for the manufacturing investment tax credit from an unspecified amount to $250,000 in buildings and/or equipment under Section 27-7-22.30(1)(b).

Allows manufacturing enterprises to elect to use the new sales tax exemption authorized by Section 27-65-101(pp) as an alternative to claiming the manufacturing investment tax credit under Section 27-7-22.30.

Maintains the existing 5% manufacturing investment tax credit on eligible investments, with a maximum credit cap of $250,000 per project and a 5-year carryforward period for unused credits.

Takes effect July 1, 2012.