MS SB2614

Authorizes a 35% income tax credit for accredited investors ("angel investors") making cash investments of $10,000 to $1,000,000 in qualified Mississippi small businesses, with annual credit limits of $250,000 per investor.

Requires Mississippi businesses to apply to the Mississippi Technology Alliance for designation as qualified small businesses, with criteria including principal place of business in Mississippi, fewer than 100 employees, less than $5,000,000 in annual gross revenues, and involvement in research, development, or manufacturing of innovative technologies or products.

Excludes certain business types from qualification: professional services (accounting, law, medicine), banking, real estate development, insurance, retail, restaurants, oil and gas exploration, and gambling.

Caps total annual tax credit certifications at $5,000,000 for fiscal year 2012 and $3,500,000 for fiscal years 2013 and 2014; allows tax credits to be carried forward for five years and transferred once to another Mississippi taxpayer.

Requires the Department of Revenue, Mississippi Technology Alliance, and State Treasurer to report on the tax credit's effectiveness by January 1, 2014, with legislative committees to evaluate continuation of the program.