MS SB2849

Extends the repeal date of the Strengthening Mississippi Academic Research Through (SMART) Business Act from July 1, 2026 to July 1, 2028

SMART Business Rebate provides investors a 25% rebate on qualified research costs paid to Mississippi colleges, capped at $1 million per investor per fiscal year with total state rebates limited to $3.5 million annually

SMART Business Accelerate Initiative provides grants of up to $150,000 for research validation to develop state-owned intellectual property into commercial products, with total state disbursements capped at $1.5 million per fiscal year

Board of Trustees of State Institutions of Higher Learning (IHL) reviews applications and issues certificates within 60 days, with the Department of Revenue processing rebate payments from income tax collections

Excludes medical cannabis establishments from participating as investors in the rebate program