MS HB566

Permanent business enterprises that expand their labor forces into Mississippi from outside the state may receive an income tax credit equal to actual relocation costs paid to move employees, including travel expenses for home searches and moving expenses for household goods

Maximum cumulative tax credits for all taxpayers claiming the relocation credit is capped at $1,000,000 per state fiscal year, excluding credits carried forward from previous years

Businesses must create the minimum number of jobs required under existing tier-based job tax credit requirements (10 jobs in Tier Three areas, 15 in Tier Two, 20 in Tier One) to qualify for the relocation credit

Unused relocation tax credits may be carried forward for five years from the close of the tax year in which relocation costs were paid, but credits in any single year are limited to 50% of the taxpayer's state income tax liability

The relocation cost tax credit provision will expire on July 1, 2018