MS SB3227

Governor may designate Mississippi counties as "recovery zones" in response to the January 22, 2026 state of emergency caused by severe winter weather, ice accumulation, power outages, and disruption to commerce

Businesses in designated recovery zones can qualify for qualified equity investment tax credits even if not located in a low-income community, provided an executive officer certifies the investment will be used for storm recovery

Tax credits apply to both state income tax and insurance premium tax, with a maximum of $16 million in credits allocated per fiscal year and a $10 million cap per business

Governor's authority to designate recovery zones expires June 30, 2027, after which no new qualified low-income community investments may be made in recovery zones

The bill contains a drafting error in Section 2, stating it takes effect July 1, 2026 but repeals June 30, 2026