MS HB1489

Amends Section 27-7-9 of Mississippi Code to align state income tax treatment with federal qualified opportunity zone (QOZ) tax incentives under 26 USCS 1400Z-2.

Through December 31, 2022, allows deferral or non-recognition of capital gains from property sales or QOZ investments 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).

From January 1, 2023 onward, extends QOZ gain deferral and non-recognition benefits to qualified opportunity zones located anywhere in Mississippi.

Provides that basis increases available under federal QOZ law also apply for Mississippi state income tax purposes.

Takes effect January 1, 2020.