MS HB1255

Establishes the Defense Research and Development Program under the Mississippi Military Department to provide loans for seed and early-stage capital to small and medium-sized Mississippi businesses engaged in research and development with the Military Department, National Guard, and/or state universities and colleges.

Creates the "Defense Research and Development Program Fund" as a special fund in the State Treasury, separate from the General Fund, with unexpended amounts not lapsing and all interest earnings deposited back into the fund.

Requires businesses to submit applications to the Mississippi Military Department describing the purposes of assistance requested, amount needed, and other requested information.

Grants the Mississippi Military Department authority to implement and administer the program and promulgate necessary rules and regulations under the Mississippi Administrative Procedures Law.

Takes effect July 1, 2024.