Bill > HB1996

This bill establishes the Mississippi Qualified Opportunity Zone Investment Incentive Program, administered by the Mississippi Development Authority (MDA), to encourage businesses to invest and create jobs in federally designated "qualified opportunity zones," which are areas of economic distress. To qualify for incentives, businesses must invest at least $3 million in property, create at least 30 full-time jobs, ensure 60% of new employees are local residents, and commit to operating in the zone for seven years. Approved businesses can receive up to a 100% exemption on ad valorem (property) taxes and Mississippi income taxes for up to ten years, as well as a sales tax exemption on qualifying equipment and materials. Local government approval is required for property tax exemptions, and businesses must annually certify compliance with program requirements, with penalties for non-compliance. The bill also brings forward existing Mississippi Code sections related to income tax deductions and industrial sales tax exemptions for potential amendment, and the program is set to take effect on July 1, 2026.

Budget and Finance

https://billstatus.ls.state.ms.us/2026/pdf/history/HB/HB1996.xml