- Research and Development Skills Tax Credit – Credit for hiring qualified R&D employees.
- Research and Development Activities – Tasks discovering information technological in nature.
- Qualified Job – Full-time position requiring specific R&D skills.
- Eligible Business – Entity conducting qualified research in Mississippi.
- Full-Time Employee – Employee working at least 35 hours weekly.
- Scientific or Technical Field of Study – Engineering, math, or life sciences disciplines.
- Accredited Four-Year College or University – Institution granting recognized bachelor’s degrees.
- Compensation at a Professional Level – Pay commensurate with education and experience.
- Income Tax Liability – Total tax owed before applying credits.
- Credit Utilization Limit (50%) – Credit usage capped at half tax liability.
- Credit Carry Forward – Unused credits applied to future years.
- Maximum Carry Forward Period – Five-year limit to use carried credits.
- Mississippi Department of Revenue (MDOR) – Agency administering state tax laws and collections.
- Mississippi Development Authority (MDA) – State agency promoting economic growth and development.
- Miss. Code Ann. § 57-73-21 – Statute authorizing R&D skills tax credit.
- Hazardous Waste Business Ineligibility – Specific industry excluded from claiming R&D credits.
- Medical Cannabis Establishment Ineligibility – Marijuana businesses cannot claim these state credits.
- Nonrefundable Credit – Credit cannot generate a tax refund.
- Request for Credit Approval – Application submitted to verify credit eligibility.
- Employee Qualification Documentation – Proof of degree and job duties.
- Job Title – Official designation of the employee’s role.
- Purpose of the Job – Primary objectives and functions of the role.
- Education Requirements – Minimum degree needed for the position.
- Experience Requirements – Prior work history needed for the job.
- Hours Worked Per Week – Weekly time commitment required for the job.
- Salary or Compensation – Monetary pay for services performed.
- Hire Date – Start date of the qualified employee.
- Strengthening Mississippi Academic Research Through Business (SMART) Act – Law encouraging research partnerships with universities.
- Academic Research Investor Rebate – Rebate for investing in university research projects.
- Qualified Research Costs (SMART) – Expenses eligible for the SMART rebate.
- Research Agreement – Contract outlining research between business and university.
- Investor – Entity funding the academic research project.
- Educational Institution of Higher Learning (IHL) – Mississippi public university participating in research.
- Research Corporation – Entity managing university research contracts.
- Maximum Rebate Per Investor – Cap on rebate amount for one investor.
- Maximum Total Rebate – Aggregate cap on all SMART rebates.
- SMART Business Incentive Form – Form to claim the SMART rebate.
- Proof of Payment to College or Research Corporation – Evidence of funds transferred for research.
- SMART Business Certificate – Document validating the SMART rebate eligibility.
- Research Performed In-State – Research activities must occur within Mississippi.
- Funded Research Exclusion – Research paid by grants is ineligible.
- Grant, Contract, or Other Funding – External money disqualifying costs for credit.
- Taxable Year – Fiscal period for tax reporting purposes.
- Mississippi Income Tax – Tax levied on income earned in state.
- Corporate Income and Franchise Tax – Taxes on corporate profits and capital.
- Individual Income Tax – Tax on personal earnings in Mississippi.
- Deduction for Research or Experimental Expenditures (R&E) – Subtracting research costs from taxable income.
- House Bill 1733 (H.B. 1733) – Legislation allowing full expensing of research costs.
- Internal Revenue Code (IRC) Section 41 – Federal law defining research tax credits.
