House Bill 1255

AN ACT TO CREATE THE DEFENSE RESEARCH AND DEVELOPMENT PROGRAM FOR THE PURPOSE OF MAKING ASSISTANCE IN THE FORM OF LOANS AVAILABLE FOR SEED AND EARLY STAGE CAPITAL TO SMALL AND MEDIUM SIZED MISSISSIPPI BUSINESSES WITH HIGH GROWTH POTENTIAL THAT ARE ENGAGED IN RESEARCH AND DEVELOPMENT ACTIVITIES WITH THE MISSISSIPPI MILITARY DEPARTMENT, THE MISSISSIPPI NATIONAL GUARD, AND/OR A MISSISSIPPI UNIVERSITY, COLLEGE, COMMUNITY COLLEGE AND/OR JUNIOR COLLEGE; TO CREATE THE "DEFENSE RESEARCH AND DEVELOPMENT PROGRAM FUND" AS A SPECIAL FUND IN THE STATE TREASURY; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. (1) (a) There is established under the direction of Mississippi Military Department a program to be known as the Defense Research and Development Program for the purpose of making assistance in the form of loans available for seed and early stage capital to small and medium sized Mississippi businesses with high growth potential that are engaged in research and development activities with the Mississippi Military Department, the Mississippi National Guard, and/or a Mississippi university, college, community college and/or junior college.

(b) Any business desiring to participate in the program must submit an application to the Mississippi Military Department. The application must contain a description of the purposes for which the assistance is requested, the amount of assistance requested and any other information requested by the department.

(2) There is created in the State Treasury a special fund, to be designated as the "Defense Research and Development Program Fund", which shall consist of funds appropriated or otherwise made available by the Legislature. The fund shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned or investment earnings on amounts in the fund shall be deposited into such fund. Monies in the fund shall be disbursed, upon appropriation by the Legislature, in the discretion of the Mississippi Military Department, to provide funds for the purposes described in this section.

(3) The Mississippi Military Department shall have all powers necessary to implement and administer the program established under this section, and the department shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, necessary for the implementation of this section.

SECTION 2. This act shall take effect and be in force from and after July 1, 2024.