Legislation in Mississippi Would Provide Conformity with IRC for Some OZ Investments

Tuesday, January 4, 2022 - 11:45AM

Legislation in the Mississippi House of Representatives would conform the state tax code to the Internal Revenue Code (IRC) concerning opportunity zones (OZ) investment in 19 of the state’s 82 counties. H.B. 133 would apply to the deferral or nonrecognition of gain by investment in a qualified opportunity fund (QOF) in those 19 counties through Dec. 31, 2024. Beginning Jan. 1, 2025, the conformity would expand to any investment in the state. Mississippi’s four bordering states all have either limited or full conformity to the IRC.

The Novogradac Introduction to Opportunity Zones booklet provides the history, tax benefits and details about the OZ incentive.

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