MS SB2829

Extends the Mississippi Development Authority's authority to allocate income and insurance premium tax credits for qualified equity investments through qualified community development entities from July 1, 2024, to July 1, 2028.

Allows taxpayers holding qualified equity investments to claim tax credits equal to the applicable percentage (8%) of the adjusted purchase price against income and insurance premium taxes, with credits usable for seven taxable years.

Limits maximum aggregate qualified equity investments allocated annually to $15,000,000 in credits, with a maximum of one-third of this amount for insurance premium taxes.

Requires qualified community development entities to maintain at least 85% of qualified equity investment proceeds in qualified low-income community investments in Mississippi and report annually on investments, jobs created, and wages to the Mississippi Development Authority.

Authorizes public entities to create public benefit corporations to engage in New Markets Tax Credit transactions for financing public property and facilities, with financing arrangements permitted for up to 50 years.