Qualified equity investment tax credit; increase maximum allowed and extend date after which MDA will not allocate.

HB 1240 increases Mississippi's annual cap on tax credits for qualified equity investments in community development entities and extends the deadline for the Mississippi Development Authority (MDA) to allocate these credits. It directly affects investors who fund Mississippi-based community development projects, allowing them to claim tax credits against specific state taxes (income tax and insurance premium tax) for up to seven years. The bill raises the maximum annual credit allocation limit (currently $20 million) and extends the MDA's deadline for issuing credits until July 1, 2029. This change aims to support continued investment in low-income community development projects by making tax credit opportunities more accessible for longer.