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OpenState programOpen to for-profit businesses

SMART Business Act Research Rebate (Strengthening Mississippi Academic Research Through Business Act)

Mississippi Institutions of Higher Learning (IHL); rebate paid by the Mississippi Department of RevenueNo deadline listedUp to $1,000,000

Summary

Businesses subject to Mississippi income or franchise tax that contract new research with a Mississippi public university can get a 25% cash rebate of pre-approved research costs (up to $1M per fiscal year). Applications accepted year-round per the FAQ; priority for healthcare, energy and advanced manufacturing.

About this grant

Approved investors that incur qualified research costs under a new research agreement with a Mississippi public university or university research corporation can receive a rebate of 25% of pre-approved qualified research costs, up to $1,000,000 in any fiscal year; total rebates may not exceed $5,000,000 per fiscal year. Only new research agreements submitted with the application qualify, and priority goes to healthcare, energy and advanced manufacturing. The FAQ says electronic applications are accepted at any time; approved investors get a SMART Business Certificate and later claim the rebate from the Department of Revenue.

Who can apply

  • Small businesses
  • For-profit companies
  • Individuals

Any natural person, partnership, LLC, association, corporation, business trust or other business entity subject to Mississippi income or franchise tax

Not formed for the specific purpose of acquiring the rebate

Must sign a NEW research agreement with a Mississippi public university or its research corporation; agreements begun before application and approval are not eligible

The applicant must be the same company that pays the university, and company names must match exactly

Needs a letter from the Mississippi Department of Revenue certifying current tax filings

Application must be approved by the IHL Board of Trustees

Topics and uses of funds

Topics

  • R&D
  • Technology
  • University partnership
  • Healthcare
  • Energy

Money can be used for

  • R&D
  • University research

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