MS HB1311

Allows taxpayers to claim a refund of 75% of excess historic property rehabilitation tax credits exceeding $250,000 in the year the property is placed in service, instead of carrying forward the credit for 10 years.

Refunds must be elected in the year the rehabilitated property is placed in service and are paid in equal installments over a two-year period from current tax collections.

Caps the aggregate amount of all tax credits that may be awarded under this section at $60,000,000.

Applies only to taxpayers who received a certificate evidencing eligible credit before December 31, 2014, or who received written determination from the Mississippi Department of Archives and History before December 31, 2014 and are issued a certificate on or after that date.

Takes effect January 1, 2011.