Mississippi New Markets Tax Credit Transactions

HB 1257, effective 07/01/2012, authorizes public entities to create public benefit corporations for the purpose of entering into financing agreements and engaging in new markets tax credit transactions which include arrangements to plan, acquire, renovate, construct, lease, sublease, manage, operate and or improve new or existing public property or facilities located within the boundaries or service area of the public entity. The law also extends, from 30 to 60 days, the time within which a qualified community development entity allocated a qualified equity investment tax credit must issue the qualified equity investment for which the credit was allocated.