MS SB2537

Establishes the "Strengthening Mississippi Academic Research Through Business Act" (SMART Business) to provide a 25% rebate on qualified research expenses paid by investors to state colleges or research corporations.

Limits individual investor rebates to a maximum of $1,000,000 per fiscal year and caps total annual state rebates at $5,000,000.

Requires investors to apply to the Board of Trustees of State Institutions of Higher Learning (IHL), which must issue or deny a SMART Business certificate within 60 days and notify the Department of Revenue.

Authorizes the Department of Revenue to request audits of rebate claims at the investor's expense and to allocate rebates in the order certificates are issued.

Requires IHL to submit an annual report to the Governor and Legislature by December 1 detailing investor names and rebate amounts for each research agreement funded that year.