MS SB2253

Creates the Mississippi Workforce Housing Tax Credit, allowing eligible investors in workforce housing projects to claim a tax credit against Mississippi state income tax, franchise tax, or insurance premium tax liability.

Establishes a state cap of $4,000,000 per year in total tax credits that can be allocated to qualified projects, with individual project credits not exceeding the corresponding federal housing tax credits under Section 42 of the Internal Revenue Code.

Requires the Mississippi Home Corporation to issue eligibility statements for qualified projects placed in service after July 1, 2025, and allows credits to be used for tax years beginning January 1, 2024, with unused credits carried forward up to five subsequent taxable years.

Requires proportional recapture of state credits if federal housing credits are recaptured during the first ten years after a project is placed in service, and mandates submission of an eligibility statement with tax returns to claim the credit.

Establishes a five-year program review to be conducted by a nine-member committee appointed by the Governor, Lieutenant Governor, and Speaker of the House, with the act taking effect July 1, 2025.