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Hosemann ‘hopeful’ last two business law reform bills meet committee deadline

Secretary of State Delbert Hosemann is batting almost .1000 on his business reform proposals making it out of committee before Tuesday’s deadline.

Of Hosemann’s half-dozen or so bills, all but two have already been sent to the House floor. The two that haven’t – a relocation tax credit for businesses that move their headquarters here, and an expansion tax credit for businesses already headquartered here — were both double referred. They have cleared the Workforce Development Committee, and currently sit in the Ways and Means Committee. If they don’t clear Ways and Means by tomorrow, they’ll be dead for this session.

Speaking at Monday’s meeting of the Stennis Capitol Press Corps, Hosemann said he was “hopeful” both would clear committee deadline by the end of tomorrow.

“We’ll be at the capitol (Monday and Tuesday) to do our best to make sure they both make it out,” Hosemann said.

Among the proposals that have already cleared committee are bills that would:

  • Offer businesses that contract with Mississippi universities for research a 7 percent tax credit, to be applied toward the amount of the research contract
  • Allow companies that have earned job-creation tax credits but have no earned income to actually, to pass those credits through to employees
  • Amend the Mississippi Business Incorporation Act to adopt changes in the Model Business Act; incorporates electronic technology concepts; and addresses indemnification and reinstatement of foreign companies.

Ways and Means will hold a meeting Monday at 3, one hour before the House of Representatives convenes. I’ll be at the meeting and will file an update when it’s over, so stay tuned.

UPDATE: With no discussion on either, the committee approved the bills, sending them to the House floor.

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