MS SB2636

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

Restricts credit transfers to one time only and prohibits transfers to flow-through entities, with guidelines to be established by the Department of Revenue.

Requires transferors to notify the Department of Archives and History and Department of Revenue within 30 days of transfer, including specific information about tax identification numbers, credit amounts, and transfer dates; failure to notify voids the transfer.

Transfer, sale, or assignment of credits does not extend the carryforward period, and transferees may use acquired credits in the same manner as the original recipient.

Effective January 1, 2011, and repeals on December 31, 2011.