MS HB1372

Expands the definition of "certified historic structure" to include properties determined eligible for the National Register of Historic Places by the U.S. Interior Secretary that will be listed within 30 months of claiming the credit.

Allows taxpayers to claim the historic rehabilitation tax credit in phases if written architectural plans for all phases are completed before physical work begins and completion is reasonably expected.

Permits excess tax credits to be carried back one tax year and extended forward for 20 succeeding tax years (increased from 10 years), with credits exceeding $250,000 eligible for 75% refund in two equal installments.

Authorizes transfer, sale, or assignment of unused tax credits to other taxpayers with tax liability under state income tax law, limited to one transfer per credit, with 30-day notification requirement to the Department of Archives and History and Department of Revenue.

Limits program applicability to taxpayers issued certificates before December 31, 2024, or who received written determination of rehabilitation compliance before that date and are issued certificates on or after December 31, 2024.