Mississippi Flexible Tax Incentive Act; revise method of determining tax incentive for certain qualified economic development projects.

HB 1861 modifies Mississippi's tax incentive program for economic development projects located in federally designated Qualified Opportunity Zones (QOZs). It increases the initial tax credit amount by 25% for projects in QOZs (instead of the standard calculation), and adds an extra 25% boost if at least five new full-time jobs in the project are held by residents of the QOZ. The bill affects businesses establishing new projects in QOZs that qualify under the existing incentive program, specifically changing how the credit amount is calculated for these locations. This is a technical adjustment to the incentive calculation method, not a new program.