MS HB133

Aligns Mississippi state income tax treatment with federal law for Qualified Opportunity Zone investments, allowing gain deferral or non-recognition when investing in qualified opportunity funds under 26 USC 1400Z-2

Through December 31, 2024, limits the state tax benefit to investments in qualified opportunity zones located in 19 specific Mississippi Delta counties: Adams, Bolivar, Carroll, Claiborne, Coahoma, Holmes, Humphreys, Issaquena, Jefferson, Leflore, Panola, Quitman, Sharkey, Sunflower, Tallahatchie, Tunica, Warren, Washington, and Yazoo

From January 1, 2025 onward, expands the state tax benefit to apply to qualified opportunity zone investments located anywhere in Mississippi

Provides that any increase in basis for opportunity zone property or investments allowed under federal law will also be recognized for Mississippi state income tax purposes

Effective date of January 1, 2023