MS HB1455

Authorizes issuance of up to $1,000,000 in state general obligation bonds to fund the Regulatory Sandbox Farm Tech Innovation Pilot Program, with no bonds to be issued after July 1, 2025

Creates the Regulatory Sandbox Farm Tech Innovation Pilot Program Incentive Fund administered by the Mississippi Development Authority (MDA) to offset federal and state regulatory compliance costs for approved agricultural industry applicants

Allows MDA to use up to 25% of fund monies to review and recommend modifications to state laws that unnecessarily inhibit new agricultural companies and to develop a framework for analyzing consumer risks when waiving regulations

Establishes an income tax credit for approved program participants, capped at the lesser of $20,000 or 50% of the applicant's tax liability per year, with unused credits carried forward for up to 5 years

Bonds have a maximum 25-year maturity, are backed by the full faith and credit of Mississippi, and both bonds and their income are exempt from state taxation