There are plenty of reasons for businesses to come to Mississippi, but the new tax law just added another one. One hundred communities in our state have been designated as Qualified Opportunity Zones, which means those who choose to invest there will be eligible for tax relief.
The initiative will allow individuals and corporations to defer capital gains taxes by returning the proceeds in an Opportunity Fund. The Opportunity Fund would directly capitalize businesses to grow the local economy and improve the quality of life for residents of the designated Opportunity Zones.
Two other recently announced projects that promise to generate major community benefits are happening on our Gulf Coast. One is the plan for a pedestrian and bus bridge in downtown Gulfport, which recently received a $2.6 million grant from the Federal Transit Administration to support its early planning and design. Once the bridge is completed over Highway 90, visitors and residents will have access to Jones Park and the Mississippi Aquarium from Gulfport’s Multimodal Transportation Center.
Senator Roger Wicker, The Daily Journal