MS HB634

Expands the historic property rehabilitation tax credit to apply against corporation franchise tax liability (Sections 27-13-5, 27-13-7) and insurance premium tax liability (Sections 23-15-103, 27-15-109, 27-15-121) in addition to income tax liability.

Allows taxpayers to claim a refund of 90% of excess tax credits that exceed their total tax liability for the year, to be paid from current tax collections, instead of only carrying forward unused credits.

Permits taxpayers to claim the excess credit refund either in the year the rehabilitated property is placed in service or in any subsequent year to which the credit is carried forward.

Extends the repeal date of Section 27-7-22.31 from December 31, 2011 to December 31, 2014.

Applies the amendments retroactively to taxpayers who received certificates for eligible credits prior to the act's effective date of January 1, 2011.