MS HB778

Allows permanent business enterprises qualifying for job tax credits under Section 57-73-21(2), (3), or (4) to elect passing all or a portion of credits to employees effective July 1, 2014, through June 30, 2019.

Requires businesses electing to pass credits to employees to pass a minimum of $1,000 per employee, provide certificates of credit to employees, and notify the Department of Revenue with specified information about credit allocation.

Caps the maximum aggregate amount of tax credits a business may pass through to employees in any taxable year at $100,000.

Prohibits businesses passing credits to employees from carrying forward any unused credit balance to subsequent tax years; unused credits are forfeited.

Makes employees receiving passed-through credits liable only for income tax owed on their employee compensation, and shields employees from liability if the business's original credit is subsequently reduced through audit or amended return.