HB 1444 Summary

• Authorizes a 35% income tax credit for accredited "angel investors" making cash investments of $10,000-$1,000,000 in qualified Mississippi small businesses, with annual credit cap of $250,000 per investor.

• Requires Mississippi businesses to apply to Innovate Mississippi for "qualified Mississippi small business" designation, with eligibility requirements including principal place of business in Mississippi, less than $3,000,000 annual revenue, fewer than 100 employees, and involvement in research and development or new technology.

• Limits total tax credit certifications to $5,000,000 for fiscal years 2021-2022, $3,500,000 for fiscal years 2023-2024, with no new investments eligible after July 1, 2024; allows single transfer of unused credits to other Mississippi taxpayers with Department of Revenue notification.

• Requires Department of Revenue, Innovate Mississippi, and State Treasurer to report by January 1, 2023 on program effectiveness for legislative evaluation.

• Renames "Mississippi Technology Alliance" to "Innovate Mississippi" throughout existing technology business assistance programs and authorizes issuance of up to $5,000,000 in general obligation bonds for those programs, with no bonds issued after July 1, 2025.