Definitions.

Miss. Code Ann. § 37-148-3
in effect
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As used in this chapter, the following words and phrases have the meanings ascribed in this section unless the context clearly indicates otherwise: “College” means the state institutions of higher learning in Mississippi which are accredited by the Southern Association of Colleges and Schools. “Investor” means a natural person, partnership, limited liability company, association, corporation, business trust or other business entity, not formed for the specific purpose of acquiring the rebate offered, which is subject to Mississippi income tax or franchise tax. “Qualified research” means the systematic investigative process that is undertaken for the purpose of discovering information. The term “qualified research” does not include research conducted outside the State of Mississippi or research to the extent funded by any grant, contract or otherwise by another person or governmental entity. “Research agreement” means a written contract, grant or cooperative agreement entered into between a person and a college or research corporation for the performance of qualified research; however, all qualified research costs generating a rebate must be spent by the college or research corporation on qualified research undertaken according to a research agreement. “Research corporation” means any research corporation formed under Section 37-147-15 if the corporation is wholly owned by a college and all income and profits of the corporation inure to the benefit of the college. “Qualified research costs” means costs paid or incurred by an investor to a college or research corporation for qualified research undertaken according to a research agreement. “State” means the State of Mississippi or a governmental entity of the State of Mississippi. “IHL” means the Board of Trustees of State Institutions of Higher Learning in Mississippi. “SMART Business” means Strengthening Mississippi Academic Research Through Business.

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