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MS HB1996
Bill
Status
Failed
2/25/2026
Primary Sponsor
Justin Crosby
Click for details
AI Summary
- Establishes the Mississippi Qualified Opportunity Zone Investment Incentive Program, administered by the Mississippi Development Authority, to provide tax incentives for businesses locating or expanding in federally designated Qualified Opportunity Zones
- Requires qualifying businesses to invest a minimum of $3,000,000 in capital, create at least 30 new full-time jobs, ensure 60% of new employees are local residents, and commit to maintaining operations for at least 7 years
- Provides up to 100% exemption on ad valorem taxes (property taxes) for up to 10 years, subject to local governing authority approval
- Offers up to 100% exemption on Mississippi state income tax for up to 10 years, plus sales tax exemptions on capital equipment, machinery, and materials used in zone operations
- Mandates annual compliance certification, documentation requirements, and potential recapture of incentives if businesses fail to maintain investment, employment, or residency requirements
Legislative Description
Mississippi Qualified Opportunity Zone Investment Incentive Program; establish.
Last Action
Died In Committee
2/25/2026
Committee Referrals
Ways and Means2/17/2026
Full Bill Text
No bill text available