Sign Up
SB 2829 Mississippi Senate · 2025 Regular Session

Qualified equity investment tax credits; renew and extend MDA's authority to allocate.

SB 2829 renews and extends the Mississippi Development Authority's (MDA) power to allocate tax credits for investments in community development projects. It allows investors to claim credits against certain state taxes (like income tax) based on qualified equity investments in low-income community projects, with credits calculated as 4% or 8% of the investment amount depending on when the investment was made. The bill sets a $15 million annual limit on total credits issued, with a portion reserved for specific tax types. This primarily affects investors and community development organizations working on projects in low-income areas across Mississippi. (Note: The bill died in committee on March 4, 2025, per recent actions.)
Issues: ✓ Budget & TaxesSupports Budget & TaxesExtends tax credits (4-8%) for community development investments, capping annual credits at $15M to incentivize low-income project funding while maintaining fiscal control.95% confidence
Bill status died 3 of 5 stages cleared
Introduction
Feb 2025
Committee Review
Feb 2025
Senate Passage
Feb 2025
House Passage
Governor
Introduced Feb 11, 2025 Last action Mar 4, 2025
Maddy AI version diff · 1 comparison

What changed between versions

As Introduced → Current version · 7 edits
MODERATE
This bill updates Mississippi's tax credit program for community development investments, extending the program's authority through 2028 and adding new provisions for public benefit corporations. The changes include clarifying credit allocation rules, adjusting investment holding periods, and creating mechanisms for public entities to leverage tax credits for public infrastructure projects.
Scope change
The bill expands the program's applicability to include public benefit corporations and public entities, allowing them to enter into financing arrangements for public property and facilities using New Markets Tax Credit transactions.
TIMELINE

Extended the program's authority from July 1, 2024 to July 1, 2028

SCOPE

Added new subsection authorizing public entities and public benefit corporations to create financing arrangements for public property and facilities

DEFINITION

Added definitions for 'New Markets Tax Credit transaction', 'public benefit corporation', 'public entity', and 'public property or facilities'

REQUIREMENT

Modified credit allocation rules to allow pass-through entity credits to be allocated among partners, members, or shareholders

Added annual reporting requirements for qualified community development entities to report investment details including jobs assisted and wages

Modified investment holding period requirements, allowing investments to be considered held through the seventh anniversary even if sold or repaid after the sixth anniversary

ENFORCEMENT

Added provisions for recapturing credits if federal tax credits are recaptured or if investments are redeemed before the seventh anniversary

Floor votes · Senate Feb 10, 2025

How they voted

51–0
Passed
Total votes 51
Feb 10, 2025
D Democratic16
16 Yea
100% Yea
R Republican35
35 Yea
100% Yea
Vote distribution
All Yea All Nay Mixed No data
Full legislative history

Actions timeline

Total actions
6
Key actions
2
Committee
3
Feb 14, 2025
Committee
Referred To Ways and Means;Accountability, Efficiency, Transparency
lower
Feb 11, 2025
Introduced
Transmitted To House
upper
Feb 10, 2025
Upper · Passed
Passed
upper
Jan 30, 2025
Upper · Passed
Title Suff Do Pass
upper
Jan 20, 2025
Committee
Referred To Finance
upper
0 primary · 0 co-sponsors

Sponsors

No sponsor information available.