MS HB1364

Amends Section 57-105-1 of the Mississippi Code to reduce the timeframe for qualified community development entities to issue qualified equity investments from an unspecified period to sixty (60) days after receiving credit allocation from the Mississippi Development Authority.

If a qualified equity investment is not issued within the 60-day window, the allocation is cancelled and returned to the Mississippi Development Authority for reallocation to another entity.

Maintains existing tax credit structure allowing taxpayers to claim credits against multiple state taxes, with maximum aggregate credits of $15,000,000 per state fiscal year and a seven-year carryforward period for unused credits.

Requires qualified community development entities to pay a $1,000 application fee and annually report investment details including industry classification, county location, dollar amounts invested, and jobs created to the Mississippi Development Authority.

Takes effect July 1, 2012, and does not affect the existing January 1, 2014 deadline for the Mississippi Development Authority to stop allocating new credits under this program.