MS SB3057

Establishes a state income tax credit for eligible investors in low-income affordable housing projects approved by the Mississippi Home Corporation.

State tax credits cannot exceed corresponding federal low-income housing tax credits, with an annual statewide cap of $4,000,000 for all qualified projects.

Allows taxpayers to carry forward unused credits for up to two subsequent taxable years and requires recapture of credits if federal credits are recaptured.

Mississippi Home Corporation administers the program by issuing eligibility statements for qualified projects placed in service after July 1, 2023, with credits usable for tax years beginning January 1, 2023 or later.

Requires the program to undergo review every five years by a nine-member committee appointed by the Governor, Lieutenant Governor, and Speaker of the House of Representatives.