Mississippi House Bill HB1255

Mississippi 2024 Regular Session

• Introduced: 2/15/24
• Refer: 2/15/24
• Failed: 3/5/24

Caption

Defense Research and Development Program; create.

Impact

The bill proposes the creation of a dedicated fund, the Defense Research and Development Program Fund, which will be managed separately from the state's General Fund. This fund will ensure that any unspent allocations do not revert back to the general state coffers at the end of the fiscal year, thereby facilitating ongoing support for eligible businesses. By providing a structured funding mechanism, the program is designed to stimulate the growth of businesses that are pivotal to Mississippi's defense sector, encouraging collaborative projects that could benefit both commercial and military applications.

Summary

House Bill 1255 aims to establish the Defense Research and Development Program in Mississippi. The primary goal of this program is to provide loans targeted at seed and early-stage capital to small and medium-sized businesses that demonstrate high growth potential. These businesses must be engaged in research and development activities in collaboration with the Mississippi Military Department, the Mississippi National Guard, or educational institutions such as universities and colleges within the state. This initiative is expected to foster innovation and enhance the state's defense-related economic activities.

Contention

While the bill supports the development of local businesses and seeks to strengthen ties between government and industry, it may face scrutiny regarding the distribution of funds and the selection criteria for businesses receiving assistance. The degree of oversight and regulatory compliance imposed by the Mississippi Military Department may also be areas of debate. Proponents argue that such funding will lead to economic growth and job creation, while detractors may question the prioritization of military-related activities over other critical business sectors. Interested stakeholders might raise concerns about whether sufficient transparency measures are in place to ensure equitable access to the funding.