MS HB17

Authorizes income tax credits for small business enterprises (100 or fewer employees) that create new full-time jobs (35+ hours per week) and increase employment by at least 10 percent.

Credit amounts vary by county tier: 10 percent of payroll in Tier Three areas, 5 percent in Tier Two areas, and 2.5 percent in Tier One areas, available for 5 years beginning in year 2 after job creation.

Unused tax credits may be carried forward for 5 years from the close of the tax year in which qualified jobs were created, with annual credit use limited to 50 percent of the taxpayer's state income tax liability.

Excludes businesses engaged in transportation, handling, storage, processing, or disposal of hazardous waste from eligibility.

Allows the Commissioner of Revenue to extend the credit period by up to 2 years if the business is located in a gubernatorial disaster area and unable to maintain required job levels as a direct result.