MS SB2986

Establishes the Mississippi Affordable Housing Tax Credit Act allowing eligible investors in low-income housing projects to claim a tax credit against state income tax, franchise tax, or insurance premium tax liability.

Limits state tax credits to not exceed federal low-income housing tax credits for each project, with an annual statewide cap of $4,000,000 across all qualified projects.

Credits may be carried forward for five subsequent taxable years if unused and cannot reduce tax liability below zero; applies to projects placed in service after July 1, 2024.

Mississippi Home Corporation administers the program by issuing eligibility statements for qualified projects and establishing criteria; taxpayers must submit eligibility statements when filing tax returns.

Requires the program to undergo review every five years by a nine-member committee appointed equally by the Governor, Lieutenant Governor, and Speaker of the House; takes effect July 1, 2024.