MS SB2107

Allows permanent business enterprises qualifying for job tax credits under Section 57-73-21 on or after July 1, 2014, to pass through all or a portion of credits to their employees for use against state income tax.

Requires businesses electing to pass credits through to employees to pass a minimum of $1,000 per employee, provide certificates evidencing the credit transfer, and notify the Department of Revenue with specific information about credit amounts and balances.

Limits employee use of passed-through credits to not more than their state income tax liability attributable to income earned as an employee of the business enterprise in that tax year.

Makes businesses responsible for any additional tax liability resulting from subsequent audits or amended returns that reduce the allowable credit amount on which the pass-through was based.

Sunsets the pass-through provision on July 1, 2019, and makes conforming amendments to telecommunications enterprise provisions and tax refund procedures.