MS HB1686

Increases the aggregate amount of investment tax credits available under the Mississippi Small Business Investment Company Act by $100,000,000.00, bringing the total to $150,000,000.00 ($50,000,000.00 existing plus $100,000,000.00 new allocation).

New $100,000,000.00 in credits becomes available from July 1, 2016 forward and is divided into a primary tax credit pool and a secondary tax credit pool of $7,000,000.00.

Participating investors may claim credits from the new allocation as 20% per year over taxable years 2019 through 2023, subject to their state premium tax liability each year.

Secondary Mississippi small business investment companies may apply for up to $3,500,000.00 in credits per application from the new pool, with requirements to use 50% of previously allocated credits before applying for additional allocations.

The MDA must begin accepting applications for the new credit allocation no later than August 1, 2016, with an initial filing deadline set between 120-150 days after accepting applications.