MS SB2239

Creates the Mississippi Agribusiness and Rural Jobs Act to provide insurance premium tax credits and income tax credits to rural investors making capital investments in certified rural funds, with credits allocated by the Mississippi Development Authority.

Establishes a $100,000,000 cap on total tax credits authorized under the act, with credits earned on six credit allowance dates (initial investment date plus five annual anniversaries) at 0% for the first two dates and 15% for the next four dates.

Requires rural funds to be licensed as rural business investment companies or small business investment companies and to invest 100% of capital in qualified investments within two years, with at least 10% in agribusiness and 10% as equity investments in eligible businesses located in rural counties with populations under 50,000.

Imposes recapture provisions allowing the MDA to recover credits if rural funds fail to maintain required investment levels, with a six-month cure period for noncompliance.

Amends Section 27-15-129 to exclude investments receiving credits under this act from qualifying as Mississippi investments for existing insurance premium tax reduction purposes.