Bill > SB2253

This bill establishes the Mississippi Workforce Housing Tax Credit Act, which creates a state tax credit for investors in qualified affordable housing projects. The bill defines key terms, including that a "qualified project" refers to a building meeting specific federal housing standards, and establishes that the Mississippi Home Corporation will issue eligibility statements for projects. Investors can receive tax credits against state income, franchise, or insurance premium taxes for investments in housing projects placed in service after July 1, 2024, with a total annual cap of $4 million in credits. The credits can be used over a ten-year period and can be carried forward for five subsequent tax years if not fully used. Credits cannot reduce a taxpayer's liability below zero, and investors must submit an eligibility statement from the Mississippi Home Corporation when filing taxes. If federal housing credits for a project are recaptured during the first ten years, a proportional amount of state credits must also be recaptured. The program will undergo a review every five years by a nine-person committee appointed equally by the Governor, Lieutenant Governor, and Speaker of the House of Representatives. The act will take effect on July 1, 2025, and is designed to incentivize investment in workforce housing across Mississippi.