MS HB1609

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

Provides tiered tax credit rates based on county designation: 10% of payroll in Tier Three areas, 5% in Tier Two areas, and 2.5% in Tier One areas

Credits apply for five years beginning in year two through year six after job creation, with the Department of Revenue adjusting annually for employment fluctuations above the 10% minimum threshold

Allows unused tax credits to be carried forward for five years from the close of the tax year in which qualified jobs were created, with annual credit usage limited to 50% of state income tax liability

Takes effect January 1, 2015