MS HB1115

Establishes a 7% income tax credit for taxpayers making payments to Mississippi colleges or research corporations for experimental, developmental, or research work under written agreements.

Defines eligible colleges as those accredited by the Southern Association of Colleges and Schools and eligible research corporations as those wholly owned by colleges with all profits benefiting the college.

Excludes social sciences and humanities research from the tax credit program.

Allows unused credits to be carried forward for up to 5 taxable years and requires taxpayers to submit applications to the Department of Revenue with a $200 application fee.

Takes effect July 1, 2013, and applies to research agreements executed on or after that date.