MS SB2929

Authorizes an income tax credit for permanent business enterprises that expand labor forces into Mississippi from outside the state, equal to 50% of actual relocation costs paid to relocate employees to Mississippi.

Limits the relocation credit to $1,000,000 per company per taxable year, with a statewide cap of $3,000,000 per fiscal year (exclusive of carryforwards).

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

Establishes the credit is available only for businesses that meet minimum job creation thresholds under existing Tier One, Two, or Three area designations and qualifies for applicable tax credits.

Sunsets the relocation credit provision on July 1, 2017; makes conforming changes to references for Department of Revenue administration instead of State Tax Commission.