MS HB1596

Increases the aggregate amount of investment tax credits that may be allocated under the Mississippi Small Business Investment Company Act by $50,000,000, from $50 million to $100 million total.

Establishes a second allocation period beginning July 1, 2017, with $50 million in additional credits available, divided between primary and secondary small business investment company pools.

Allows participating investors to claim the additional $50 million in credits from tax years 2020 through 2024, with 20% of their designated capital investment claimable each year against state premium tax liability.

Permits the MDA to begin accepting applications for the second credit allocation (subsection 4(b)) no later than August 1, 2017, with similar requirements and restrictions as the original allocation program.

Takes effect July 1, 2017.