MS HB1942

Establishes a state income tax and insurance premium tax credit of 16% per year for three years for taxpayers investing in qualified community development entities, with a maximum annual allocation of $20 million statewide ($18 million for insurance premium tax).

Requires at least 85% of investment funds be used for qualified low-income community investments in Mississippi businesses, with investments limited to $10 million per business on an aggregate basis.

Authorizes public entities to create public benefit corporations for New Markets Tax Credit transactions to finance, acquire, construct, and renovate public properties and facilities for up to 50 years.

Amends Section 27-15-129 to exclude investments receiving credits under this act from qualifying as Mississippi investments for insurance premium tax reduction purposes.

Allocates credits through the Mississippi Development Authority over three fiscal years (July 1, 2024 through June 30, 2027), with recapture provisions if qualified community development entities fail to maintain required investment levels or if federal credits are recaptured.