MS HB52

Establishes an income tax credit for small business enterprises (50 or fewer employees) that increase employment by at least 10 percent through creation of new full-time jobs (35+ hours per week).

Credit rates vary by county tier designation: 10 percent of payroll in Tier Three areas, 5 percent in Tier Two areas, and 2.5 percent in Tier One areas, available for five years beginning in year two after job creation.

Allows unused tax credits to be carried forward for five years from the end of the tax year in which qualified jobs were created, but credits cannot exceed 50 percent of the taxpayer's annual state income tax liability.

Excludes businesses in the hazardous waste transportation, handling, storage, processing, or disposal sectors from eligibility.

Permits Commissioner of Revenue to extend the credit period by up to two years for small businesses located in Governor-declared disaster areas that cannot maintain required employment levels due to the disaster.