SMART Business Act moves forward before Thursday deadline
The Strengthening Mississippi Academic Research Through (SMART) Business Act has passed the Senate ahead of the next major legislative deadline.
The bill would offer a 25 percent rebate to businesses that contract with Mississippi universities for qualified research. It’s one piece of Secretary of State Delbert Hosemann’s legislative agenda.
The rebates for one business are capped at $1 million, and are capped overall at $5 million per year.
Hosemann said the legislation would fill some of the gap left by disappearing federal research funds, and help to strengthen the partnership between the business community and Mississippi colleges and universities.
The Senate Finance Committee did insert a reverse repealer into the bill, which is a mechanism used to keep alive the legislation before a deadline, like this Thursday’s deadline for floor action on original legislation. It’s also a way to ensure the legislation ends up in a conference committee.
Sen. Hob Bryan, D-Amory, was the lone “no” vote. The bill is Senate Bill 2537.