MS HB1321

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, or state educational institutions.

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 interest earnings deposited back into the fund.

Requires businesses seeking participation to submit applications to the Mississippi Military Department containing descriptions of purposes, requested assistance amounts, and other requested information.

Grants the Mississippi Military Department full authority to implement and administer the program, including promulgating rules and regulations under the Mississippi Administrative Procedures Law.

Takes effect July 1, 2025.