MS SB2967

Increases the income tax credit for employers providing dependent care for employees during work hours from 50% to 75% of eligible costs

Changes the economic development income tax credit calculation to be based on interest expense paid under financing agreements rather than total debt service, capped at 80% of taxes due

Repeals several tax incentives effective July 1, 2021, including: job tax credits for businesses in Tier One, Tier Two, and Tier Three areas based on payroll percentages; the $1,000 credit for jobs requiring research and development skills; and tax exemptions for clean energy generation and aerospace industry enterprises under Sections 57-113-1 through 57-113-7

Removes sales tax exemptions for construction materials and equipment for facilities producing renewable crude oil from biomass and for machinery/equipment acquired for clean energy/aerospace facilities

Eliminates sales and use tax exemptions previously available for purchases financed through economic development bonds issued by the Mississippi Business Finance Corporation