House Bill 1942

AN ACT TO PROVIDE FOR AN INCOME TAX AND INSURANCE PREMIUM TAX CREDIT FOR TAXPAYERS THAT PAY A QUALIFIED COMMUNITY DEVELOPMENT ENTITY FOR QUALIFIED EQUITY INVESTMENTS; TO DEFINE CERTAIN TERMS FOR THE PURPOSES OF THE TAX CREDIT; TO PROVIDE THAT THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO A CERTAIN PERCENTAGE OF THE ADJUSTED PURCHASE PRICE PAID TO THE QUALIFIED COMMUNITY DEVELOPMENT ENTITY FOR THE QUALIFIED EQUITY INVESTMENT; TO PROVIDE THAT THE MAXIMUM AGGREGATE AMOUNT OF THE CREDITS THAT MAY BE ALLOCATED TO ALL TAXPAYERS IN ANY ONE STATE FISCAL YEAR SHALL NOT EXCEED $20,000,000.00 AND THAT THE CREDITS SHALL BE ALLOCATED BY THE MISSISSIPPI DEVELOPMENT AUTHORITY; TO PROVIDE FOR THE RECAPTURE OF ALL OR A PORTION OF THE CREDIT UNDER CERTAIN CIRCUMSTANCES; TO DEFINE THE TERMS "NEW MARKETS TAX CREDIT TRANSACTION," "PUBLIC BENEFIT CORPORATION," "PUBLIC ENTITY OR PUBLIC ENTITIES" AND "PUBLIC PROPERTY OR FACILITIES"; TO AUTHORIZE PUBLIC ENTITIES TO CREATE PUBLIC BENEFIT CORPORATIONS FOR THE PURPOSE OF ENTERING INTO FINANCING AGREEMENTS AND ENGAGING IN NEW MARKETS TAX CREDIT TRANSACTIONS; TO AUTHORIZE PUBLIC ENTITIES TO ENTER INTO FINANCING ARRANGEMENTS IN ORDER TO TRANSFER PUBLIC PROPERTY OR FACILITIES TO OR FROM PUBLIC BENEFIT CORPORATIONS; TO AUTHORIZE PUBLIC ENTITIES AND PUBLIC BENEFIT CORPORATIONS, WITH RESPECT TO NEW MARKETS TAX CREDIT TRANSACTIONS, TO ENTER INTO FINANCING ARRANGEMENTS WITH GOVERNMENTAL, NONPROFIT OR FOR PROFIT ENTITIES IN ORDER TO LEVERAGE FUNDS NOT OTHERWISE AVAILABLE TO PUBLIC ENTITIES FOR THE ACQUISITION, CONSTRUCTION OR RENOVATION OF PROPERTIES TRANSFERRED TO A PUBLIC BENEFIT CORPORATION; TO AMEND SECTION 27-15-129, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE INVESTMENTS THAT MAY REDUCE A TAXPAYER'S INSURANCE PREMIUM TAX LIABILITY UNDER SUCH SECTION SHALL NOT INCLUDE ANY INVESTMENT FOR WHICH A TAX CREDIT IS ALLOCATED UNDER THIS ACT; TO AMEND SECTION 31-7-13, MISSISSIPPI CODE OF 1972, TO CONFORM TO THE PROVISIONS OF THIS ACT; AND FOR RELATED PURPOSES.

In the House of Representatives

• John Thomas "Trey" Lamar, III

  Sponsor

• Senate committee amendmentAdopted

  Adopted Apr 16

l9n doesn't hold this bill's text yet.

In the House of Representatives Mar 21 – Mar 27

1. Mar 21Referred to the House committee on Ways and Means
2. Mar 26Reported from committee in the House: title sufficient, do pass as a committee substitute
3. Mar 27Committee substitute adopted in the House
4. Passed the House

In the Senate Mar 28 – Apr 16

1. Mar 28Sent to the Senate
2. Apr 10Referred to the Senate committee on Finance
3. Apr 15Reported from committee in the Senate: title sufficient, do pass as amended
4. Apr 16Amended in the Senate
5. Passed the Senate as amended

Back in the House of Representatives Apr 17 – May 14

1. Apr 17Returned to the House to concur in the Senate's amendments
2. Apr 19Declined in the House to concur, and invited a conference
3. Apr 22Conferees named in the House: Lamar, Steverson and Bell (21st)
4. Apr 24Conferees named in the Senate: Harkins, Johnson and Polk
5. Apr 29Suspended from deadlines by House Concurrent Resolution 64
6. May 14Died in conference in the House