MS HB1454

Authorizes issuance of state general obligation bonds not to exceed $1,000,000 to fund the Regulatory Sandbox Pilot Program Incentive Fund, with no bonds to be issued after July 1, 2025.

Creates the Regulatory Sandbox Pilot Program Incentive Fund to disburse money offsetting federal and state regulatory compliance costs for approved applicants, with up to 25% of funds used for reviewing and recommending modifications to state laws and regulations.

Establishes MDA approval criteria for program participation based on compliance costs, health/safety essentiality of regulations, whether regulations are least restrictive, and applicant capacity to test innovative products on a limited basis without full licensing.

Authorizes an income tax credit for approved applicants of up to $20,000 annually or 50% of tax liability (whichever is less), with unused credits carried forward for five years.

Bonds are general obligations of Mississippi with full faith and credit pledged; bond income and the bonds themselves are exempt from state taxation.