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MS HB1704
Bill
Status
2/27/2019
Primary Sponsor
John Hines
Click for details
AI Summary
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Amends Section 27-7-9 of the Mississippi Code to align state income tax treatment with federal law regarding qualified opportunity zone investments under 26 U.S.C. § 1400Z-2.
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Through December 31, 2021, allows deferral or non-recognition of gains from sales or investments in qualified opportunity zone property located in 19 specified Mississippi counties (Adams, Bolivar, Carroll, Claiborne, Coahoma, Holmes, Humphreys, Issaquena, Jefferson, Leflore, Panola, Quitman, Sharkey, Sunflower, Tallahatchie, Tunica, Warren, Washington, and Yazoo).
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From January 1, 2022 forward, extends the same gain deferral and non-recognition benefits to qualified opportunity zone investments in any qualified opportunity zone located anywhere in the state.
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Permits increases in basis for qualified opportunity zone property and investments under state law when such increases occur under federal law.
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Takes effect January 1, 2019.
Legislative Description
Income tax; revise certain provisions to address investment in federally designated qualified opportunity zones.
Last Action
Died In Committee
2/27/2019