The Mississippi State Legislature recently passed HB 1257 to amend Section 57-105-1 of the Mississippi Code of 1972 in order to allow certain public entities to participate in New Markets Tax Credit financing as qualified low-income businesses. HB 1257 will essentially allow public entities to create and establish Public Benefit Corporations for the purpose of entering into financing arrangements necessary to generate NMTC subsidy for property and facilities. This new source of financing will allow public entities such as governmental entities, local economic development authorities, urban renewal agencies, community colleges, utility authorities, school districts or other public authorities the opportunity to fill financial gaps associated with public projects without creating additional local economic burden. This bill became effective July 1, 2012.

Click here to read HB 1257.