MS HB349

Authorizes income tax credits for small business enterprises (50 or fewer employees) that create net new full-time jobs (35+ hours per week) and increase employment by at least 10 percent.

Credit amounts vary by county tier: 10 percent of payroll in Tier Three areas, 5 percent in Tier Two areas, and 2.5 percent in Tier One areas, applied 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 qualified jobs were created, with annual credit use limited to 50 percent of the taxpayer's state income tax liability.

Excludes businesses involved in transportation, handling, storage, processing, or disposal of hazardous waste from eligibility.

Allows Commissioner of Revenue to extend credit periods by up to two years if the business is located in a declared disaster area and unable to maintain required job levels.