MS HB1376

Authorizes an income tax credit for small businesses (50 or fewer employees) that increase employment by at least 10% through creation of new full-time jobs (35+ hours per week).

Credit amounts vary by county tier designation: 10% of payroll in Tier Three areas, 5% in Tier Two areas, and 2.5% in Tier One areas, available for five years beginning in year two after job creation.

Unused tax credits may be carried forward for five years from the close of the tax year in which jobs were created, with annual credit limited to 50% of the taxpayer's state income tax liability.

Requires at least 10% employment increase maintained throughout the five-year credit period, with annual adjustments for payroll and employment fluctuations above the 10% minimum threshold.

Excludes businesses involved in hazardous waste transportation, handling, storage, processing, or disposal, and prevents credit transfer to successor entities except for unused credits in cases of business cessation and unrelated entity acquisition.