MS HB1648

Increases the aggregate amount of investment tax credits available under the Mississippi Small Business Investment Company Act by $50,000,000, bringing the new allocation to $50 million available from July 1, 2023

Divides the new $50 million credit pool into a primary pool for primary Mississippi small business investment companies and a secondary pool of $3,500,000 for secondary companies, with secondary companies limited to $1,750,000 per application

Participating investors may claim the new credits against premium tax liability in six annual installments of approximately 16.66% each from taxable years 2027 through 2032

Requires applicants to project creation or retention of at least one job paying 125% of state average annual wage for each $150,000 in credits awarded, with jobs maintained for at least three years

MDA must begin accepting applications for the new credit allocation no later than August 1, 2023, with unused secondary pool credits reverting to the primary pool on August 1, 2024