House Bill 1677

AN ACT TO AUTHORIZE AN INCOME TAX CREDIT FOR CERTAIN ACCREDITED INVESTORS CALLED ANGEL INVESTORS FOR CASH INVESTMENTS IN THE QUALIFIED SECURITIES OF QUALIFIED BUSINESSES; TO AUTHORIZE MISSISSIPPI BUSINESSES TO APPLY TO THE MISSISSIPPI TECHNOLOGY ALLIANCE FOR DESIGNATION AS A QUALIFIED MISSISSIPPI SMALL BUSINESS; TO PROVIDE THE REQUISITES FOR DESIGNATION AS A QUALIFIED MISSISSIPPI SMALL BUSINESS; TO PROVIDE FOR THE DURATION OF SUCH DESIGNATION; TO REQUIRE THE MISSISSIPPI TECHNOLOGY ALLIANCE TO COMPILE A LIST OF QUALIFIED MISSISSIPPI SMALL BUSINESSES; TO REQUIRE INVESTORS TO APPLY TO THE DEPARTMENT OF REVENUE FOR CERTIFICATION OF ELIGIBILITY FOR THE TAX CREDIT; TO PROVIDE THAT IF THE DEPARTMENT OF REVENUE DETERMINES THAT THE INVESTOR IS QUALIFIED, IT SHALL ISSUE TO THE INVESTOR A ONE-YEAR TAX CREDIT CERTIFICATE RESERVATION; TO LIMIT THE AMOUNT OF TAX CREDIT CERTIFICATIONS THAT MAY BE ISSUED IN FISCAL YEARS 2013, 2014 AND 2015; TO PROVIDE THE MANNER IN WHICH THE TAX CREDIT MAY BE CLAIMED; TO AUTHORIZE A SINGLE TRANSFER OR SALE TO ANOTHER MISSISSIPPI TAXPAYER OF TAX CREDITS NOT PREVIOUSLY CLAIMED; TO REQUIRE THE DEPARTMENT OF REVENUE, MISSISSIPPI TECHNOLOGY ALLIANCE AND THE STATE TREASURER TO EACH PREPARE A REPORT CONCERNING THE EFFECTIVENESS OF THIS ACT IN PROMOTING THE ESTABLISHMENT AND GROWTH OF MISSISSIPPI SMALL BUSINESSES AND TO REQUIRE SUCH REPORTS TO BE SUBMITTED TO THE CHAIRS OF THE SENATE FINANCE COMMITTEE AND THE WAYS AND MEANS COMMITTEE OF THE HOUSE OF REPRESENTATIVES; AND FOR RELATED PURPOSES.

In the House of Representatives

• Andy Gipson

  Sponsor

l9n doesn't hold this bill's text yet.

In the House of Representatives Feb 18 – Feb 27

1. Feb 18Referred to the House committee on Ways and Means
2. Feb 27Reported from committee in the House: title sufficient, do pass
3. Died on the calendar in the House