MS HB1003

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

Allows taxpayers to claim the 25% rehabilitation income tax credit in phases if written architectural plans for all phases are completed before work begins and completion is reasonably expected.

Subjects claimed credits to recapture if eligible properties are not listed on the National Register within 30 months, if potential districts fail to achieve listing within 30 months, or if rehabilitation is abandoned.

Authorizes municipalities to grant ad valorem tax exemptions (excluding school district purposes) for up to 10 years on improvements or renovations to residential structures located in municipally-designated blighted areas.

Limits tax credit program to taxpayers issued certificates before December 31, 2014, or those receiving written determination from the Mississippi Department of Archives and History by that date.