MS SB2609

Authorizes taxpayers to transfer, sell, or assign unused historic rehabilitation income tax credits to other taxpayers with tax liability under Mississippi law.

Tax credits may only be transferred once and cannot be assigned to flow-through entities; transferees may use acquired credits in the same manner as the original recipient.

Requires written notification to the Department of Archives and History and State Tax Commission within 30 days of any credit transfer, including specified information about both parties and the credit amount; failure to notify voids the transfer.

Transfer, sale, or assignment does not extend the 10-year carryforward period for unused credits beyond what the original taxpayer would have received.

The section authorizing historic rehabilitation tax credits is scheduled to expire and be repealed on December 31, 2011.