HB 1642 Summary

• Brings forward 43 sections of Mississippi Code authorizing various state tax credits for economic development, charitable contributions, and business investments without substantive amendments

• Covers employment-related credits including job creation incentives for manufacturing, headquarters relocation, and technology firms; credits for charitable donations to nonprofits, pregnancy resource centers, and transitional housing; and credits for specific industries like water transportation and broadband deployment

• Includes credits for individual taxpayers such as adoption expenses, long-term care insurance premiums, dependent care expenses, and charitable contributions to qualified organizations

• Establishes tax credit programs for community development investments, small business investments through insurance company participation, and flexible tax incentives (mFlex) for qualified economic development projects

• Effective July 1, 2024