MS HB711

Aligns Mississippi state income tax treatment with federal law for investments in Qualified Opportunity Zones, allowing gain deferral or non-recognition for property sales or investments made through Qualified Opportunity Funds

Through December 31, 2023, tax benefits apply only to investments in Qualified Opportunity Zones located in 19 specific 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, 2024 onward, the tax benefits expand to cover investments in Qualified Opportunity Zones located anywhere in Mississippi

Provides that any increase in property basis allowed under federal Opportunity Zone law (26 USC 1400Z-2) will also be recognized for Mississippi state income tax purposes

Effective date of January 1, 2021