MS HB651

Establishes a 7% income tax credit for taxpayers who make payments to Mississippi colleges or research corporations for research work under written agreements.

Defines eligible entities as Mississippi colleges accredited by the Southern Association of Colleges and Schools and research corporations wholly owned by and benefiting colleges.

Excludes research in social sciences and humanities from the credit program.

Allows taxpayers to carry forward unused credits against tax liability for up to five taxable years if the credit exceeds their annual tax liability.

Requires taxpayers to submit an application to the Department of Revenue with a $200 fee and proof of research costs under agreements executed on or after July 1, 2012.