Mississippi Qualified Opportunity Zone Investment Incentive Program; establish.

HB 1996 establishes Mississippi's Qualified Opportunity Zone Investment Incentive Program to attract business investment in federally designated economically distressed areas. It directly affects businesses locating or expanding operations within these zones by offering property tax exemptions (up to 100%), income tax exemptions (up to 100%), and sales tax exemptions on equipment purchases for up to 10 years. To qualify, businesses must invest at least $3 million, create 30+ full-time jobs (with 60% local hires), and maintain operations for 7 years. The Mississippi Development Authority administers the program, requiring annual compliance reporting and audits to ensure businesses meet these performance-based requirements.