MS HB579

Authorizes taxpayers to transfer, sell, or assign unused historic property rehabilitation tax credits to other taxpayers with state income tax liability, subject to guidelines from the State Tax Commission.

Allows a one-time transfer of credits only, and prohibits transfers to flow-through entities; transferees may use credits the same way as original recipients but cannot extend the carryforward period.

Requires transferors to notify the Department of Archives and History and State Tax Commission within 30 days of transfer, including detailed information about the credit balance, identification numbers, and amount transferred; failure to notify voids the transfer.

Establishes a special fund within the State Treasury to collect and hold fees charged by the Department of Archives and History for administering the tax credit program, with funds used to offset administrative costs.

Repeals this section effective December 31, 2011.