MS SB2656

Extends the repeal date of Section 27-7-22.36 from January 1, 2013 to January 1, 2016 for a job tax credit in the upholstered furniture manufacturing industry.

Provides a $2,000 annual tax credit for each full-time employee (35+ hours per week) employed in a new cut and sew job for upholstered household furniture, lasting five years from the credit's commencement date.

Requires the Department of Revenue to verify that claimed jobs meet the definition of "new cut and sew job" and the State Tax Commission to adjust credits annually for employment fluctuations.

Allows taxpayers eligible for the credit before January 1, 2013 to continue using and carrying forward unused credits after that date for up to five consecutive years, notwithstanding the section's repeal.

Takes effect July 1, 2012.