House Bill 710 Summary

• Extends the deadline for the Mississippi Development Authority to allocate income tax and insurance premium tax credits for qualified equity investments from January 1, 2018 to January 1, 2020.

• Maintains the existing framework for tax credits available to taxpayers holding qualified equity investments in qualified community development entities, with credits applicable against income and insurance premium taxes.

• Preserves the annual cap of $15,000,000 in aggregate credits that may be claimed in any one state fiscal year, with no more than one-third of that amount allocated for insurance premium tax credits.

• Requires qualified community development entities to certify the dollar amount of qualified low-income community investments to be made in Mississippi and report annually on investment details including industry classification, county location, jobs created, and wages.

• Takes effect July 1, 2017.