SMART Business Act reminder from ORED
The Office of Research and Economic Development at Mississippi State reminds eligible businesses of the Strengthening Mississippi Academic Research Through Business Act.
The SMART Business Act was adopted by the Legislature in 2013 to stimulate private investment in research and development through partnerships with Mississippi Public Universities, develop the competitiveness of Mississippi companies, and improve the state's economy. The program is managed by the Mississippi 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. Please note that priority consideration is given to new applications in the areas of healthcare, energy and advanced manufacturing.
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 should be submitted online at smartbusact.mississippi.edu.
The Mississippi Board of Trustees of State Institutions of Higher Learning governs the public universities in Mississippi, including Alcorn State University; Delta State University; Jackson State University; Mississippi State University including the Mississippi State University Division of Agriculture, Forestry and Veterinary Medicine; Mississippi University for Women; Mississippi Valley State University; the University of Mississippi including the University of Mississippi Medical Center; and the University of Southern Mississippi.
Learn more about research and economic development at Mississippi State at www.research.msstate.edu or contact Associate Vice President for Corporate Engagement and Economic Development Jim Martin at JimMartin@research.msstate.edu or (662) 325-3570.