MS HB526

Authorizes an income tax credit for permanent business enterprises that expand their labor forces into Mississippi from outside the state, with the credit covering up to 50% of actual relocation costs paid to move employees to Mississippi.

Limits the credit to a maximum of $1,000,000 per company per taxable year, with a statewide cap of $3,000,000 per fiscal year across all taxpayers claiming the credit.

Allows unused relocation credits to be carried forward for five years from the close of the tax year in which costs were paid.

Requires the Department of Revenue to determine qualifying relocation costs (nondepreciable expenses necessary to relocate employees) and prohibits credits for relocating the same employee more than once in a 12-month period.

Sunsets the relocation credit provision on July 1, 2017, and makes conforming amendments to related tax credit sections and telecommunications provisions.