MS HB1608

Allows permanent business enterprises that qualify for job tax credits under Section 57-73-21 to elect to pass through all or a portion of those credits to their employees, effective July 1, 2015 through July 1, 2020.

Requires businesses passing credits to employees to pass a minimum of $1,000 per employee, provide employees with certificates evidencing the credit, and notify the Department of Revenue with details on credit amounts and balances.

Makes the business enterprise responsible for any additional tax liability if the underlying tax credit is subsequently reduced through audit or amended return.

Limits employee use of passed-through credits to an amount not exceeding the employee's state income tax liability from employment with that business enterprise in that tax year.

Makes technical amendments to Sections 57-87-3, 57-87-5, 57-87-7, 27-111-1, and 27-7-51 to reference the correct subsection containing telecommunications enterprise definitions and protect employees from liability for reductions in passed-through credits.