Senate Bill 3070 Summary

• Creates an income tax and insurance premium tax credit equal to 16% of the purchase price for taxpayers investing in qualified equity investments through qualified community development entities, with credits available on the initial investment date and two subsequent anniversaries.

• Establishes a maximum aggregate annual tax credit allocation of $48,000,000 (with $5,000,000 cap for insurance premium taxes), to be allocated by the Mississippi Development Authority over three consecutive fiscal years beginning July 1, 2024, with allocations ending July 1, 2027.

• Requires that at least 85% of qualified equity investment funds be used for qualified low-income community investments in Mississippi businesses, with a maximum $10,000,000 aggregate cap per business and affiliated entities.

• Authorizes public entities to create public benefit corporations and enter into New Markets Tax Credit transactions to acquire, construct, or renovate public property and facilities, including financing arrangements with governmental and nonprofit entities.

• Modifies the insurance premium tax credit to exclude investments receiving tax credits under this Act, and adds conforming amendments to state procurement law regarding transfers of public property or facilities.