MS HB1612

Authorizes a new income tax credit for permanent business enterprises that expand labor forces into Mississippi from outside the state by relocating employees, based on actual relocation costs paid.

Sets maximum cumulative tax credits at $1,000,000 per state fiscal year for all taxpayers claiming the relocation credit, excluding carryforward credits from previous years.

Allows unused relocation tax credits to be carried forward for five years from the close of the tax year in which costs were paid.

Requires businesses to create the minimum number of jobs specified in existing job tax credit tiers (10, 15, or 20 jobs) to qualify for the relocation credit.

Repeals the relocation credit provision on July 1, 2020, and makes conforming amendments to telecommunications enterprise tax credit provisions.