Income tax and insurance premium tax; authorize a credit for certain investments in qualified community development entities.

This bill establishes a tax credit for Mississippi taxpayers who invest in qualified community development entities that focus on low-income businesses within the state. The credit allows individuals and entities to reduce their income and insurance premium taxes by a percentage of their investment, with a total annual limit of $20 million managed by the Mississippi Development Authority. To qualify, the invested funds must be used primarily to support businesses operating in Mississippi, and the law includes specific rules for recapturing the credit if certain conditions are not met. Additionally, the legislation authorizes public entities to create special corporations to facilitate these financing arrangements and transfer public property for development projects.