The Mississippi Legislature made progress on several bills concerning Mississippi’s business laws. Below is the status and content of the bills the Mississippi Secretary of State’s Office is monitoring:
1. Strengthening Mississippi Academic Research Through Business Act (“SMART Business Act”) – Encourages private businesses to invest in Mississippi universities. The proposed bill offers a rebate equal to 25% of the contracted research costs to any business entering into a written agreement with a Mississippi university for research and development. HB 826, sponsored by Rep. Jeff Smith, passed the House on February 6 and was transmitted to the Senate. On March 7, the bill passed out of the Senate as amended and returned for concurrence or non-concurrence in the House. SB 2537, sponsored by Sen. Joey Fillingane, passed the Senate on February 12 and was transmitted to the House. On March 5, the bill passed both House committees and passed the House and returned to the Senate.
2. Employee Pass-Through Jobs Tax Credit – Allows a business receiving a jobs tax credit to pass all, or a portion, of the credit to one or more employees of the company in lieu of claiming the credit at the business level. HB 1299, sponsored by Rep. Jeff Smith, died in the Senate Finance committee on March 5. SB 2440, sponsored by Sen. Joey Fillingane, died in the Senate Finance committee on February 5.
3. Headquarters Relocation Tax Credit – Provides a tax credit in the amount of actual relocation costs incurred by a business relocating its corporate headquarters to the State of Mississippi. HB 591, sponsored by Rep. Jeff Smith, passed the House on February 27 and was transmitted to the Senate. On March 4, the bill was referred to the Senate Finance Committee This bill has a March 19th deadline. SB 2817, sponsored by Sen. Joey Fillingane, died in the Senate Finance committee on February 27.
4. Expansion Relocation Tax Credit – Provides a tax credit in the amount of actual relocation costs to existing businesses expanding their workforce in the State of Mississippi. The businesses must qualify for the jobs tax credit provided in teh Economic Development Reform Act and relocate employees to the State of Mississippi from outside the State. HB 566, sponsored by Rep. Jeff Smith, passed the House on February 26 and was transmitted to the Senate. On March 4, it was referred to the Senate Finance Committee. This bill has a March 19 deadline. SB 2826, sponsored by Sen. Joey Fillingane, died in the Senate Finance committee on February 27.
5. Combating Fraudulent Uniform Commercial Code Filings – Proposes to give the Secretary of State’s Office the authority to reject materially false UCC filings and provides an avenue for victims of fraudulent filings to file a statement attesting to the false filing. An exception is included for regulated financial institutions. HB 1008, sponsored by Rep. Mark Baker, passed the House on January 31 and was transmitted to the Senate. On, March 8, the bill passed the Senate and is currently on its way to the Governor’s desk.
6. Adopting Recent Amendments to Uniform Commercial Code – Proposes legislation amending Article 9 of the Uniform Commercial Code; provides legislation standardizing and simplifying procedures for secured transactions in personal property; provides greater guidance regarding the name of an individual required on a UCC financing statement; and conforms Mississippi’s law to existing uniform law already enacted in a majority of other states. SB 2609, sponsored by Sen. Sally Doty, passed the Senate on February 7 and was transmitted to the House. On March 7, the bill passed the House and is awaiting the Governor’s signature.
Delbert Hosemann Press Release
3/12/13
