MS HB1435

Authorizes taxpayers to transfer, sell, or assign unused historic property rehabilitation tax credits to other taxpayers with tax liability, with each credit transferable only once and subject to Department of Revenue guidelines.

Requires written notice to the Department of Archives and History and Department of Revenue within 30 days of any credit transfer, sale, or assignment, including specified information about the credit and both parties involved; failure to notify voids the transaction.

Prohibits transfer, sale, or assignment of credits to flow-through entities and extends the deadline for credit eligibility from December 31, 2014 to December 31, 2029.

Maintains existing credit parameters: 25% credit on rehabilitation costs exceeding $5,000 for owner-occupied dwellings or 50% of property basis for other properties, with a $60 million aggregate cap on awards.

Allows credits exceeding annual tax liability to be carried forward 10 years or, if exceeding $250,000, refunded at 75% over two years; transferred credits retain original carryforward period without extension.