MS HB971

Creates a new income tax credit for businesses that expand their workforce into Mississippi from outside the state, covering up to 50% of actual relocation costs paid to move employees into the state

Caps the credit at $1,000,000 per company per taxable year, with a statewide cap of $3,000,000 in total credits that can be claimed by all taxpayers in any state fiscal year (excluding carryforward credits)

Requires businesses to create the minimum number of jobs needed to qualify for existing tier-based job tax credits (10 jobs in Tier Three counties, 15 in Tier Two, 20 in Tier One) to be eligible for the relocation credit

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

The relocation cost credit provision is set to expire on July 1, 2017