MS SB2006

Establishes a new tax credit for permanent business enterprises that expand their labor forces into Mississippi from outside the state and create the requisite minimum number of jobs, allowing them to claim an additional credit equal to actual relocation costs paid to move employees to Mississippi.

Defines qualifying relocation costs as nondepreciable expenses necessary to relocate employees, including travel expenses for employee job searches and moving expenses for household goods and personal property.

Caps the maximum cumulative amount of relocation tax credits that all taxpayers may claim in any one state fiscal year at $1,000,000.00, exclusive of carryforward credits from prior years.

Limits relocation credits to one credit per employee in any twelve-month period and allows unused credits to be carried forward for five years from the close of the tax year in which relocation costs were paid.

Sunsets the relocation credit provision on July 1, 2019, and makes conforming amendments to sections governing job tax credits and telecommunications enterprise incentives.