MS HB1580

Establishes a 5% income tax credit on payroll for taxpayers awarded contracts with the U.S. Department of Defense, limited to 50% of annual tax liability, with unused credits carrying forward for 5 years.

Creates the "Department of Defense Contractor Assistance Fund" and directs the Mississippi Development Authority to establish a grant program for business enterprises to construct or upgrade facilities for DOD contract performance.

Caps annual grant awards at $50,000 per business enterprise and requires applicants to submit detailed project descriptions and cost information to the MDA.

Authorizes issuance of $5,000,000 in state general obligation bonds to fund the grant program, with bonds maturing no later than 25 years from issuance and no bonds issued after July 1, 2023.

Effective date is July 1, 2019.