MS SB2659

Increases the tax credit for participating insurance company investors from 80% to 100% of their designated capital investment in Mississippi Small Business Investment Companies, claimable at 20% annually from 2015-2019

Requires applications to include business plans detailing investment timelines, target industry sectors, and job creation goals of at least one job paying 125% of state average wage for each $150,000 in credits, maintained for three years

Reduces investment thresholds requiring companies to invest 35% of designated capital in qualified businesses within two years (previously higher) and 50% within four years, with 85% required within five years to continue paying management fees

Expands qualified distributions to include principal and interest payments on qualified debt instruments and allows reinvestment of returned capital to count toward investment requirements under specific conditions (scheduled amortization, company sale, default, or follow-on investment)

Imposes penalty fees on distributions if job creation goals are not met, calculated at 1% of cumulative management fees for each 1% shortfall in projected job creation, with funds paid to the state