Senate Bill 2932 Summary

• Authorizes a "College Private Research tax credit" for taxpayers who make payments to Mississippi colleges or research corporations pursuant to written contracts, grants, or cooperative agreements for experimental, developmental, or research work.

• Tax credit equals 7% of research costs paid by the taxpayer and may be applied against income tax liability under Section 27-7-1 et seq., with credit amount not exceeding total tax liability for the year after accounting for other allowable credits.

• Excludes research agreements in social sciences or humanities from eligibility for the tax credit.

• Requires taxpayers to submit applications to the Department of Revenue on prescribed forms, pay a $200 application fee, and provide proof of research costs under agreements executed on or after July 1, 2012; allows the Department to audit applicants for eligibility verification.

• Permits unused tax credits to be carried forward for five consecutive years; the Department of Revenue shall adopt rules and regulations for implementation and administration of the credit program.