MS HB590

Amends Mississippi Code Section 57-105-1 to add municipal airport authorities to the definition of "public entity" for purposes of the New Markets Tax Credit program.

Authorizes public entities, including municipal airport authorities, to create public benefit corporations to enter into New Markets Tax Credit financing transactions for acquiring, renovating, constructing, leasing, and operating public property or facilities with terms up to 50 years.

Allows public entities to transfer public property or facilities to and from public benefit corporations through sales, sale-leasebacks, leases, and lease-leasebacks in connection with New Markets Tax Credit transactions, exempting such transfers from other statutory limitations.

Permits public entities and public benefit corporations to enter into financing arrangements with governmental, nonprofit, or for-profit entities to leverage funds for property development, renovation, and operation, with funds dedicated to development costs and transaction-related expenses.

Effective upon passage.