JACKSON — Applications are now being accepted for the Strengthening Mississippi Academic Research Through Business Act (SMART Business Act) rebate program.
The SMART Business Act was adopted during the 2013 Legislative Session to stimulate private investment in research and development through partnerships with Mississippi Public Universities; develop the competitiveness of Mississippi companies; and improve the economy of Mississippi. The rebate program will be managed by the Board of Trustees of State Institutions of Higher Learning.
Approved applicants incurring qualified research costs under a new research agreement with a Mississippi public university are eligible for a rebate equal to 25 percent of the investor’s qualified research costs, not to exceed $1 million. The total amount of rebates issued per fiscal year will not exceed $5 million.
“We were pleased to draft this important legislation, which will assist our universities to stay on the cutting edge of research and development,” said Secretary of State Delbert Hosemann. “This incentive will allow universities to overcome federal revenue shortfalls and allow Mississippi’s business sector to contribute to, and benefit from, our University intellectual property.”
Any individual, partnership, limited liability company, association, corporation, business trust or other business entity not formed for the specific purpose of acquiring the rebate, and which is subject to Mississippi income or franchise tax, is eligible to apply for the rebate after entering into a new research agreement with a Mississippi Public University. All applications must be submitted online at smartbusact.mississippi.edu. Priority consideration will be given to applications in the areas of healthcare, energy and advanced manufacturing.
The first round of applications will be accepted through Nov.7.