MS HB838

Extends the repeal date of Section 27-7-22.36 from January 1, 2022 to January 1, 2025, allowing the income tax credit for upholstered furniture manufacturing to remain in effect for an additional three years.

Maintains a $2,000 annual income tax credit for enterprises owning upholstered household furniture manufacturing facilities for each full-time employee (35+ hours per week) employed in a new cut and sew job for five years from the credit's commencement date.

Allows taxpayers eligible for the credit prior to January 1, 2025 to continue using the credit and carry forward unused amounts after the repealer date, subject to the five-year carryforward limitation in subsection (3).

Requires the Department of Revenue to verify that jobs claimed meet the "new cut and sew job" definition (jobs cutting and sewing upholstery for household furniture that did not exist in Mississippi before January 1, 2010) and to adjust credits annually for employment fluctuations.

Takes effect January 1, 2021.