MS HB826

Establishes the "Strengthening Mississippi Academic Research Through Business Act" (SMART Business) to provide rebates to investors who fund qualified research through Mississippi colleges or research corporations.

Provides investors a rebate equal to 25% of qualified research costs, with a maximum rebate of $1,000,000 per investor per fiscal year and a statewide annual cap of $5,000,000 in total rebates.

Requires investors to submit applications to the Board of Trustees of State Institutions of Higher Learning (IHL), which must issue or deny a SMART Business certificate within 60 days, with IHL notifying the Department of Revenue upon issuance.

Authorizes the Department of Revenue to request audits at the investor's expense and to issue rebates from current income tax collections on a first-come, first-served basis according to certificate issuance order.

Requires IHL to submit an annual report by December 1 to the Governor and Legislature detailing each research agreement, investor name, and eligible rebate amount for that year.